THE EXETER DIOCESAN BOARD OF FINANCE LIMITED ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 December 2025 Company limited by guarantee (No. 001860011 Registered charity (No. 2497981
TABLE OF CONTENTS Number Page Our Vision/Values Legal Objects Strategic Report Strategic aims Objectives for the year Activities and achievements in the year Key performance Indicators Future plans Sertion 172 statement Financi31 review Principal risk5 and uncertaintie5 20 20 21 21 27 Structure and Governance 29 Trustees, Respons(bilities Statement 38 Statement of Disclosure to the Auditors 39 Appointment of Auditors 39 Administrative Deta115 40 Independenl Auditor5, Report 43 Consolidated Statement of Financial Activities 48 Consolidated Income and Expendituie Account 49 Consolidated and EDBF 8alance Sheets 50 Consolidated Cash Flow Statement 52 Notes to rhe Consolidated Financial Statements 53 Key to abbreviations ED8F EDPS SOFA soRp The Exeter Diocesan Board of Finance Limited EOPS Limited the Board's Trading Companv Statement of Financial Activities ChariteS SORP15tatemeni of Recommended Pr3Cticel 'Accounting and Reporting by Charities, 2019 Parochi31 Church Council Mission Community pcc MC
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements Forthe year ended 31 December 2025 OUR VISION A Vision Based on the Great Commi5510n: Then Jesus came to them and said, -All authority in heaven and on earth has been glven to me. Therefore go and make disciples of all nations. baptising them in the name of the Father and of the Son and of the Holy spirit, and teaching them to obey everything I have commanded yosj. And 5vrely l am with you always, to the very end of the age." Mairhew 28..18-20 As God'5 pilgrim people, we seek to share in the mission of God as revealed in the life, death and resurrection of Jesu5 Christ by.. Growing in prayer We want to abide in Christ and live our lives close to God. This means taklng risks as we become more honest with ourselves and more honest with God. Prayer open5 tsp deep places within us to God's grace, which is why it is such a lifp-8iving activity. Going deeper in prayer is essential if we are to witne55 to God's Kingdom and grow into the people God 15 callin8 US to be. Making new disciples A disciple is someone who follows jesus Christ. With Christ as our companion and guide, we can travel through life differently and invite others to share in the adventure. We want to be more faithful in our discipleship and allow God to shape our priorities ènd values. The gospel is good new5 but, if we are to bring more people to Christ. we need to find new ways of telling the story, of explaining our faith and givinB a reason for the hope that is In us. Servin8 the people of Devon with joy We want to be ambassadors for Christ, making a difference in the world and witnessing to God's love and justice, especially in the communitie5 where we live, and in our schools and workplaces. Working in partnership with others who are transforming lives. we seek to address the global issues confronting tsur generation $0 that all may flourish. In 2025, the Diocese continued to work out this long-standing vi510n through live published missional priorities missional leadership, missional DNA. vocations. children and young people. and mixed ecologv which now form the framework for our ten-year strategy, Pray. Grow, Serve 2035. These priorities shaped the Board's strategic and financial planning during the year. including extensive work on proposals for Diocesan Investment Programme funding from the Church of England's Strategic Mis510n & Mini51ry Investment Board to aEcelerate mi55ional growth and long-term sustainability. The Rt. Rev'd Dr Mike Harrlson, Bishop o]Exeter
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Staternent5 For the year ended 31 December 2025 OUR VALUES Generoslty of Splrlt We seek God's face in all, believin8 that everyone is made in the image of God. Preferring Other5 and not thinking too highly of ourselves. we are compassionate. approachable and build tr4J5ting relationships. Wisdom We want our priorities to reflect scripture and our Christian value5. Listening to voitÈ% n1ke our own, we seek the wisdom ol the Holv Spirit when making decisions after open and inforrned discussion. Respert We welcome those who are different from us and show heartfelt respect in the way we speak with one another, treating all people with the dignity they deserve. Team Working We collaborate and Work with others to achieve the best outcornes lor those we Serve and support. We are positive, flexible and conslrurtive. releasing others to use fl Openne55 Weopen our heart5and minds without judgement so that we learn from God and one another 3nd allow others to challenge us. Honesty Our principles are rooted in our Christian faith. We seek to be people of integrity.. fair, re5pon51ble, and con515tent in all we do. We speak honestly with other5 and about them. Love ... Joy '. Patience . Kindness '. Generosity Faithfulness . Gentleness '. Self-control Our GRowfH Values are rooted in the Fruit of the Spirit (Galatians 5.22)
The Exeter Diocesan 8oard of Finance Limited Annual Report & Consolidated Financial Staternents Forthe year ended 31 December 2025 The trustees. who are also directors for the purposes of company law, present their annual report. together with the audited consolidated financial statements, for the year ended 31 December 2025. The directorsltrustees are the same and in signing as Trustees, they are offering the strategic report Sections in their capacity a5 director5. The combined report satisfies the legal requirements for.. A Directors Report of 8 charitable company and group,. A Strategic Report under the Companie5 Act 2006., and A Trustees Annual Report under the Charities Act 2011. LEGAL OBJECTS The objects of the Diocese of Exeter cover the entire county of Devon. The principal object of The Exeter Diocesan Board of Finance IEDBFI is to promote, assist and advance the work of the Church of England in the Diocese of Exeter by acting a5 the linancial executive of the Exeter Diocesan Synod. EDBF has the following statutory responsibilities.. The management Df glebe property and investments to generate income to support the cost of stipends arising from the Endowment and Glebe Measure 1976 and the Church Property Measvfe 2018: The repair of benefice houses as the Diocesan Parsonage 8oard under the Repair of Benefice Buildings Measure 1972 and the Church Property Measure 2018,. The management of investments and the custodian of a5set5 relating to church schools under the Diocesan Board5 of Education Measure 2Q21,' and The custodian of permanent endowment and real property assets relating to trusts held by Incumbents and Archdeacons and by Parochial Church Councils as Diocesan Authority under the Incumbents and Churchwardens (Trusts) Measure 1964 and the Parochial Church Counci15 (Powers) Measure 1956. iv. The strategic priorities of EDBF are e5tabli5hed by the Diocesan Synod in communication with Deanery Synods, PCCS, MCS, and the Bishop of ExetÈr. To this end, significant time and effort is committed to communication between these bodies and the 6ishop, as well a5 Wlth the church narionally. and to implementation of the outcomes. Thi5 includes a series of consultation5 on Specific matters relating to the PTiorities lor the forthcoming year and further ahead and taking forward the commitments arising from the Diocesan Synod and church nationally, including the diocesan budget.
The Exeter Diocesan Board of Finance Lirnited Annual Report & Consolidated Financial Statemenls For the year ended 31 December 2025 STRATEGIC REPORT STRATEGIC AIMS The trustees present this report for the year ended 31 December 2025, a year of continued faithful ministry alongside significant strategic development. The Diocese remained committed to its vision to grow in prayer. make new disciples and Serve the people of Devon with joy, and during 2025 this was increasingly expressed through five missional priorities= missional leadership, missional DNA, vocations, children and young people. and mixed ecologv. During the year, further diocesan consultation and planning work continued to develop the ten-year strategy now known a5 Pray, Grow, Serve 2035. This strategy builds on the Diotese's long-standing vision and provides a coherent framework for resourcing missic*n ommunities. strengthening discipleship. and developing a flDuri5hing mixed ecology of church aeross Devon. The followin8 report details our strateElC activities and financial stewardship in pursutt of our shared vision to grow in prayer, make new disciples and serve the people of Devon with joy. The main role of ED8F is to identify and manage the financial 35pect5 of the provision of ministry within the Oiocese so a5 to provide appropriate personnel and financi31 resources to a55iSt the Diocesan Synod, Bishop's Council, Deanerie5, Mission Cornmunities and Parishes to further the mission and strategic priorlties of the Diocese and in parttcular the strategic priorities set out within the Dlocese's vision and the Pray, Grow, Serve 2035 framework15ee diocesan website., htt exeter.an lican.or who-we-are ra row-serve-2035 We seek to work together in Mi55ion Communitie5 We seek to fulfil our calling to love God and Serve the people of Devon with joy through our network of Mission Communities. These are diverse. vibrant and SLtstainable groupings of parishes across the Diocese, which are mi5510n-oriented, community-fotused and locally rooted. At the heart of this netV40rk are our parish churches. which for centuries have been places of prayer. pastoral care, evangelism and comrriunity service in Oevon. Increasinglv today, they are complementèd by chaplaincies. social action projects and varied and creative new expressions of worship. the result of which is an exciting mixed ecology. Together. thev speak of God's compassion and love and ensure a Christian presence in every community across the county. Communities are how human beings relate to one another. We discover both what we need from other5 and what we can offer so that all may flourish. As the Church. our MC5 help us to be more effective in our discipleship of jesus Christ. They enable us to be flexible and tD work across boundaries, breaking down any sense of isolation. They enable us to be more adept at responding to the v3riety of contexts and cultures of Devon, whether market towns, coastal communitie5, remote rural village5 or large urban cenires of population. They encourage the development of specialist and pioneering ministries. and support our work with schools, children, young people, families and oldei people in the community. Not every parish can offer every aspect of the Church's life ministry. but by joining in partnership with neighbouring churches and forming 3 MC we can work together more effectively.
The Exeter Diocesan Board of Finance Lirnited Annual Report & Con501idated Financial Statements For the year ended 31 December 2025 STRATEGIC AIMS lcontinuedl Mission Communrties Mixed Ecologv Social Action Projects includes foodbanks. debt counselling mental health services, support groups. toddler groups, lunch club5, mernory cafés and environmental projects. Parish Churche5 (Resource & Min5terl FestlV31 Churches & Chapels of Ease ChHp13incies includes working with schg01s. care home5, college5 & univer51ties, hospitals, prisons & workplace5. Chaplaincie5 may 0150 include work with groups such as children & familie5 or specific area5 of expertise, such as end of life care and funeral ministry. Digital ChLirch include5 Streamed services. telephone service5, Social media channels and online communities. MISSION COMMUNITIES Church Schools Include5 new ways of being church such as Messy Church, Café Church. Church Plants and other new worshlpping communities. Where there are Church Schools in a Mission Community, we need to see these 35 worshipping communities & build strong relationships. There are 120 MC5 acros5 the Diocese of Exeter. We aim to be mission-oriented, community- focused and locally rooted. As God's people we are called to live otst our faith and conlinue the mission of God as revealed in the life, death and resurrection of jesus Christ. The strategy of the Trustees for achieving EDBF'S priorities is to maintain a Sound financi81 structure which will enable EDBF to resource ministry and mission. Each year a request 15 made to every parish for contributions towards the Common Fund, the parish share scheme, which is de51Ened to distribute the financial cost5 of the Diocese equitably. The Common Fund pays lor a significant proportion of the clergy stipends. their pension and housing, clergy and lay training, safeguarding and central sUPPOrt, but it only works prL)perly if each parish in each MC contribute5 Fegularly and fully. We support all PCC5 and Mcs in their financial administration to develop efficient ways to collect and manage resources including through the Parish Giving Scheme. The Board reviews the financial plan on an annual basis, and this was m05t recently undertaken in May 2026, wilh the current plan covering the year5 2027 to 2050. The plan 5how5 a continuing underlying operational budget deficit ol around £2m per annurn. Action was taken in 2025 to bring thi5 down to just under £lm and work continue5 to establish a sustainable long-term plan.
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Staternents Forthe year ended 31 December 2025 STRATEGIC AIMS Icontinuedl This requires stringent cost control a¢r0$5 all areas of the budget and 8s5ume5 an increase in the number of unpaid licensed ministers Iself-supporting clergy and licensed lay minister51 and unpaid lay people involved in ministry. The new Exeter Ordination Pathway will help to increase the number of people able to minister locally, as we review the long-term nurnber of stipendiary clergy that can be provided within the builget. Total Return accounting h35 been adopted, to release fund5 from the Oiocesan Stipend5 Capital Fund to help fund stipendiary ministry cosrs. The Strètegic Mission & Ministry Investment Board has recently awarded the Diocese of Exeter £IOm of funding, plus £2.5m of Time Limited Support ITLSI, to support the delivery ol the five Strategic piiorities. The £2.5m of TL5 will allow time for this investment to bear fruit. The £12.5m is being made available from the funding provided for the period 2026 to 2028. Subject to meeting the agreed outcomes. an application will be submitted for a further £IOm, plus £1.5m of TLS, which will be available for the period 2029 to 2031. OBJECTIVES FOR THE YEAR The strategic aim5 have been established by the Oioce5an Synod. These have informed. and will continue to inform. decisions and policies at 311 levels. The vision is what we would like the future to look like, and the 5trate8y sets out how we seek to work together in Mcs to enable this to happen. It ts vital that our planning continues to reflect our priorities, whilst continuing to meet our Statutory and operational requirement5. Five Strategic Priorities Tu help u5 remain focused on our vision, the Diocese has articulated five missional priorities- missional leadership. mission31 DNA, vocations, children and young people, and mixed ecology- which have shaped our ten-year strategy, Pray, Grow, Serve 2035. These priorities provide the framework for planning, resovrcinÉ and accountability. and they inform the Board's approach to allocating capacity and financial resource5 in support of mission commtjnities. Mlssional Leadership In a fast-changing culture where churchgoing cannot be assumed. leaders Ilay and ordained) need support and resourcing to lead mission confidently and sustainably. In 2025, the Diocese continued work to strengthen ministerial development and to develop a leadership development approach designed to reorient ministry from maintenance to mission, forrnlng leaders who can equip others and cultivate discipleship in mission communitles. Missional DNA This priority seeks to develop outward-looking. invitational churches that are hospitable. engaged with their communities, and conlident in sharing faith. In 2025, the Diocese continued to encourage mission communities to develop practical and realistic plan5 for growth and service, learning from evidence and experience. and supporting churches to connect with those who currently have little or no contact with church.
The Exeter Diocesan Board of Finance Llmited Annual Report & Consolidated Financial Statements Forthe year ended 31 Detember 2025 OBJECTIVES FOR THE YEAR {continued) Vocations The Diocese aims to cultivate an intentional vocational culture in which all God'5 people ask, 'What Is God calling me/us to now?" In 2025, work continued to expènd vocational pathway5 (lay ond ordained). including developin8 approaches to identify. encourage and train new leaders for local ministry. This included conlinued planning for accessible routes to ordained and authorised lay ministry, and a clearer pipeline of development opportunities to support mission communities across Devon. Children and Young People Placing children. young people and families at the heart of our life. mission and ministry is essential to the Church's future. During 2025, the Diocese continued to prioritise the development of churches, confidence and capacity for ministry with children and young people, including work to strengthen training pathways and partnèrships that can Ènable 5UStainable growth. Plan5 were developed during 2025 to Scale this work significantly through strategic development funding,. however, the outcome ol nation21 funding decisions was not formally communicated until after the year end. Mixed Ecology Alon8side time-honoured parish ministry, a flourishing mixed ecology reouires different ways of doing and being church so that the Diocese can engage the many people across Devon who currently have no connection with thurch. In 2025, the Diocese continued to encouragè and resource new worshipping communities, planting. pioneering and other contextually appropriate exprE5SiOllS of church, alongside 5tren8thenin8 mission cornrnunitie5' £apacity to 5UStain and renew parish life. Pray. Grow. Serve 2035 provides a coherent framework for developing mi55ion communitie5 so that parish Ehurche5 and new worshipping communities can flourish together. It emphasises collaborative ministry. sustainable local leadership, and practical too15 to help mission commkJnitie5 discern prioritie5, plan realistically, and focu5 re50urce5 where they will make the greatest mis5ional difference. Other resource5 include 'Lightening the Lood,, 'Love Your Church, fundraising resources and Generosity resources. The tools being developed draw inspiration frorn jesus, teaching on the Vine in John 15.
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Staternents For the year ended 31 December 2025 AcfiviTIES AND ACHIEVEMENTS IN THE YEAR In 2025 we were delighted to welcome the Right Revd Moir8 Asrin as the next Bishop of Crediton. Bishop Moira was installed at a wonderful event held at Exeter Cathedral in July 2025. Our 3 bishops. Mosra, MikÈ and Jarnes Having seen a significant improvement In Common Fund to11ections in 2022, the level of contributions dropped back in 2023 and was even lower in 2024. The encouragin8 news 15 that the collection rate improved in 2025. As a result, the total contributions ceiVed by ihe end of February 2026 were £8.44m12024.. £8.41ml, which represented 93.62%12024.. 91.90%1 of the amount requested from parishe5. We are very grateful to the continuing generosity of the people in our worshipping communities, partlEularly in the current economic climate but the current lower contribution level presents as yet unresolved challenges to funding our ministry costs. The current Common Fund 5Y5tem will be reviewed in 2026127. Common Fund Collection Rates 2021- 2025 loo% 91.35% 94.62% 93.04% 91.90% 93 62% 90% 80% 70% 60% 50% 40% 30% 2a% io% 2021 2022 2023 2024 20Z5
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements Forthe year ended 31 December 2025 AcfiviTIES AND ACHIEVEMENTS IN THE YEAR Icontinuedl Safeguardlng The Diocesan Safeguarding Team IDSTI has a wide range of experience in applying safeguarding lo complex situations. The team bring experience from Policing (including Public Protection, Child Abuse Investigation, Domestic Abuse Investigation, and Management of High Risk Offenders), Social Service5 lincluding Children's Services and Adult Safeguarding). voluntary sector and p3rish admnIStration. The DST manage allegation5 and concern5 relating to ChLtrch Officers, manage the risks posed by known offenders who regularly attend church, and give advice on all other aspects of safeguarding. including Safer Recruitment. The DST a150 deliver Safeguarding trainin6 to leaders in the diocese and manage all Disclosure and Barring Service IDBSI applications. The DST works with a network of nearw 4DO Parish Safeguarding Repre5entative5 IPSRI. The PSRs are all volunteers, and without their dedication we could not effectively man3ge safeEuarding across nearly 500 parishes that make up the diocese. DST now uses the National Safeguarding Case Management System INSCMSI. This ha5 necessitated the transfer of data relating to all of our open cases to N5CMS. Closed cases have a skeleton record on NSCMS, with full transfer to follow. The NSCMS records 3115afeguardin8 conterns raised with our team. including allegation5 that do not involve Church Officers and low-lev@I concerns. Dsf have recently been subject to an independent "health check" conducted of our use of NSCMS, which commented on the strength ol the timeliness and accuracy of the recording. Following the Makin report. the subsequent resignation of the Archbishop of Canterbury, and safeguarding i5sue5 in the Church, we experienced a significant increase in the number of concerns raised with DST. Over the13St year there have been around 650 new concerns raSe with DST. We currently have approximately 100 open cases. The great majority of these concern5 do not involve a church officer, but they are safeguarding concerns and may need further action. In the last two month5 of the year the DST made 40 referrals to Statutory agencie5 Sexual abuse of adults and children. remains our most common category of concern, followed by domestic abuse. Our Safeguarding Administrator 15 very busy with the prc)cessing of D8S checks. training administration. and uploading new referrals to NSCMS. We have changed the role of the Diocesan Safeguarding Advi50r lo Diocesan Safeguarding Officer IDSOI with greater independence. and the National Churih has now adopted the model of Regional Supervision we trialled regionally. The General Synod, in February 2025, debated proposed changes to safeguarding in the Church. In February 2026 General Synod approved the direction of travel with the proposed creation of a new Independent Safeguarding Authority that will develop policy and provide quality a55urance, and a new national Safeguarding Complaints Policy. DST will remain employed and embedded in the diocese.
The Exeter Diocesan Board of Finance Lirnited Annual Report & Consolidated Financial Statements Forthe year ended 31 December 2025 ACTIVITIES AND ACHIEVEMENTS IN THE YEAR (continued) Safeguardlng {contlnuedl DST have signed an Information Sharing Agreement with the Probation Service. the first in the country between a diocese and the Probation Service. WÈ have developed Dur work with ex-offender5 and piloted a national training course for volunteers who manage people who attend church on a Safety Plan due to potential risks they may pose to others. The Diocesan Safeguarding Advisory Panel has been strengthened by new member5 and has piloted a new model of scrutiny. The DST have also improved their strategic link5 to statutory agencie5 and are now members of the Plymouth and Devon safeguarding Children's Panels Business Groups. In the coming year we plan to support parishes with the adoption of Parish Safeguarding Hubs. Parish Giving Scheme The Parish Giving Scheme has continued to grow across the Diocese, encouraging a deeper understanding of generou5 EivinE, 5treamlininE administration in parishes, improving parishes, cash flows by returning gift aid lo parishes every month. and giving donor5 the option to increase their future givin8 in line with inflation. In December 2025 there were 3,52612024.. 3,4591 people in our Diocese that made 42.191 gifts12024.. 41,1301 to 315 12024.. 3001 active church accounts, contributing a tot31 (excluding gift aid) of £3.Om12024.. £2.9ml during the year. A further £0.7m12024'. £0.7ml was claimed in gift aid. The average gift leycluding gift aid) w35 £16.52 per week12024.. £16.00). Parish Giving Scheme Totulnumberolortlvechurches/rotalnumberoldonors Ot the endOlefv qvorter 350 3,600 3,SQO 3,J1ChJ 250 3,3(KJ 20D 3.200 150 3.100 loo 50 2021 2022 2023 2024 2025 Total number of active churche5 Total number of danur5 10
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 AcfiviTIES AND ACHIEVEMENTS IN THE YEAR Icontinuedl Parish Giving Scheme Icontinuedl Totol numberol4rfonorsnott71sum returned to ¢hurche51per month) 3,600 3,500,000 3.500 3,000,000 3,400 2,590.000 3.300 2,000.000 3,200 1,500,000 3,100 3,riJo I.ooc>.ooD 2,900 S00,QOO 2,800 2021 2022 2023 2024 2025 Toial number ofdonors Toial sum returned to churches mI10n and Ministry People Our Lay Discipleship Project Lead. Jon Curtis. moved to a new role with the national churth in the Autumn 2025 and he now leads on the Greenhouse project supporting fresh expressions. A5 new worshipping communities are a priority in Devon we expect to have ongoing support from him in the future. We have Secured fundin8 and appointed a new Head of Formation, and this role will give u5 the capacity for developing lay commissioned roles. learning ommunities, provide seed funding lor mis5ional activitie5 and developing our leadership training offer to both ordained and lay leaders. Missional Leadership Curate training h35 been throu8h a second rnaior review followin8 feedback from the first vear of the in-house curate training programme. The new programme starting in September 2026 will move lo having a mix of Saturdays and Sundays, still enabling all curates to train together. It will also follow themes across the three years. which align with the five mis5ional priorities. Ten people have trained on the Exeter Ordination Pathway in 2025-26 and we are expetting a similar number in 2026-27. This has effectively doubled the number of candidates we are sending to national discernment panels in the year, which Is hugely encouraging. whilst placing added pressure at the same time on our Diocesan Director of Ordinand5 IDDOI team. We hope this will be eased with the appointment of a new AsSOClate ODO and Vocations Engagement Officer.
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statement5 For the year ended 31 December 2025 AcfiviTIES AND ACHIEVEMENTS IN THE YEAR (continued) Mission and Ministry Icontinuedl Missional Leadershlp Icontinuedl The Exeter Leadership Development Prograrnme pilot started in the Autumn 2025 and has been well received. We are now recrLtitin6 for two programmes in 2026-27 - one weekday and one at the weekend. Lay Commissioned Roles.. In November and December 2025. we celebrated the commissioning ol two Growing Faith Leaders, and two Lay Pioneers. Each person had compleled our newly launched 'Foundations' course as well as one of our new specialist training courses. There are now 7 commi55ioned leader5 Serving in parishes across Oevon, alongside the 50+ Anna Chaplains,. all involved in ministry across our diocese. Children Young People and Families Youthscape Essentia15 IYEI.. We ran our first YE course In 2025 lyouih ministry training couT5e over 7 ses5ion5, May-june 20251, with 7 attendees (all youth volunteer51. Youthscape Launchpad.. Our second course Saw another group of 10 Incumbents come together. The Launchp3d course fosters learning to help develop a Strategy for youth work in places where no youth work is happening. In e55ence it 15 a youth work pioneering training course over 5 sessions, plus a further celebration event where plan5 are shared for next steps. Catalyst.. There are 18 participants in thi5 national programme as part of the 30k project, delivered by 3 facilitators lour Director of Mission & Ministry and two recruited Diocesan volunteers). There are 7 sessions. either In-person or online and this ha5 been divided into three cohorts. The delegates also complete reflection5 via an online platform. We attended the national conference and a150 ran an alternative mini conference for those who were unable to travel. Children's Ministry Essentials.. 8 people were involved with a hybrid approach, using some online session5, whilst others have been in-person. with access to study at home. The Mission & Ministry and Education teams are workin6 together to lead training on Connecting with Community schools115 delegates). Missional DNA Thy Kingdom Come ITKCI 2025.. In 2025. we held our biggest TKC service to date. Thi5 wa5 h05ted by Bishop Mike and Dr Ysanne Marville, with an inspiring talk from Krish Kandiah. and worship led by Andy Flann38an. The service welcomed over 800 people into the Cathedral for Pentecost. with a large exhibition space for local charities, a children's and families, Space outside, a large prayer team, and 3 welcome and inclusion team. The service even had a live translation service for any non-English speakers, or those with English as a secondlanguage. This included a group of Iranian asylum Seekers who had just arrived in Brit3in that weekend. These annual events are 3 great way to highlight Christian unity, but they also act as a grear opportunity for our churches to invite people who might be encouraged to see a large gathering of Christians tOEether, boldly and joyfully proclaiming the Good News.
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December Z025 ACTIVITIES AND ACHIEVEMENTS IN THE YEAR (continued) Misslon and Ministry Icontinuedl Misslonal DNA Icontinuedl Devon County 5how-. The ChuTch of England maintained a highly visible and engaging presence at the 2025 Devon County Show at the Westptsint Showgxound. The tsverarching theme for the Devon Churches area was based on Psalm 23. The Lord's My Shepherd Mixed Ecology Mission Sheds-. We hosted three Mission Sheds in 2025, including a day on Pioneering Mission with Bishop Mike and Revd fina Hod8elt, along Wlth an amazing range of workshops from local pioneers and projects. We hosted a Mission Shed on the topic of Social JLtstice and Politics, with Hannah Rich from Theos, and Revd Dr Lucy Larkin from SpiritU5, Pioneer CMS Cèrtifitate CoLJrse: 2025 saw the first cohort of pioneers training through the Church Mission Society's Pioneer Mission certificate. The final residential weekend was held at Stleriler At>bey in November. 8 people trained on the course, which included 6 module5 of learning across 12 months. PioneerCMS Cerlilicaie trainee5 Evangelists start Church Army course.- We saw the first cohort of evangelists Start our new Chur£h Army Faith Empowered course. 10 people from mission communities acro55 Devon met for their first two day residential in November. The course consists of 10 sessions and begins and end5 Wlth 3 residential to help 80 deeper with the study and practice, whi15t sharing in fellowship, and mutual learning. Beyond the Wa115-. Since early 2025, we h3ve been hosting online webinars on topics related to pioneer mission, with a variety of speakers and pioneer leader5. These included Natalie Burfitt from Sportily (talking about Sports Ministry). Richard Elliot from the Pickwell Foundation (talking about welcorne and h05Pltalityl, and Dr Cathy Ross talkinE about doing mission through and oui of13ment and love. Mustard Seed Grant5'. We awarded our full allocation of grant money lor mustard seed projects, supporring 15 mission projects across the diocese. In the last quarter of the year, we awarded 5lart-up funding for new mi5510nal activities in Exmouth (for Begin Welll, Bratton Fleming. and St Thomas, in Exeter.
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 ACTIVITIES AND ACHIEVEMENTS IN THE YEAR Icontinuedl Mission and Mlnistry fcontinuedl Heartedge Conference in Swimbridge.. The autumn Mission Shed event was held in partnership with Heartedge, St Martin in the Fields. and Swimbridge parish church. It Was a huge successl Over 100 people attended either the conference during the day or the concert in the evening. Food was provided by the local pub. and refreshments by the church and vsllage hall. Revd Dr Sam Wells, vicai of St Martin in Fields, and their Choral Scholars, and Heartedge speakers made the day an amazing environment for learning. music and fellowship and fun. eartedge conterEnce In Swimbridge The Vocations Development Officer and the Diocesan Director of Ordinand5 IDDOI, with their teams, work to foster and encourage those sensing a call to serve God in the authorised lay and ordained ministries. Two events were held to help people consider and explore both ordained and lay licensed ministry, as well as Other focused work. More than 28 candidate5 were prepared for stage 2 8ishops' Advisory Panels in the 2025-26 academic year. We currently have 29 ordinand5 in training at thetslogical colleges Of on ihe Exeter Ordination Pathway. with 20 of these due to be ordained as deacons in lune 2026. The ordination of deacons took place at Petertide 2025. with 11 new deacons being ordained then. Developing the ministry of women,. encouraging candidates from a UK Minority Ethnic IUKMEI heritage.. and encouraging younger vocation5, remain significant priorities and the diocese encourages attendance at national events for such 8roups. In September 2025, the Diocese of Exeter hosted 'Step Forward 5outhwe5t' an event for enquirers aged 18-30 on behalf of the S Southwest dioceses and we are exploring the possibility ol hosting something like this again in early 2027. The number of enquiries and candidates for incijmbent and priest assistant track c¢Jntinueg ta grow. The Diocesan 'Foundations' course is good at encouraging participants to continue exploring their vocations. The number of enquiries and candidates for incumbent 3nd priest assistant track also continue to increase. The Diocese of Exeter also hosted '5tep Forward Southwe51', an event for enquirers aged 18-30 on behalf of the 5 Southwest dioceses in September 2025. 14
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements Forthe year ended 31 December 2025 ACTIVITIES AND ACHIEVEMENTS IN THE YEAR Icontinuedl Mission and Ministry Icontinuedl Deacons Ordained in 2025 Male Female TOTAL Stipondiary Self-supporting TOTAL li Stipendiary Self-Supportiri8 Ordinaiion of Deacvns. June 2025 15
The Exeter Diotesan Board of Finance Limited Annual Report & Consolidated Financial Statement5 For the year ended 31 December 2025 ACTIVITIES AND ACHIEVEMENTS IN THE YEAR Icontlnuedl Mission and Ministry Icontinuedl Priests Male Female TOTAL Ordained in 2025 Sell-supporting Stipendiary TOTAL 12 Self-5upporting Stipendiary Ordinands starting training in 2025: Age Male Female TOTAL 31 and under 40-54 55 and over li 14 lincl. 10 EOPI lincl. l EOPI lincl. 9 EOPI 16 TOTAL 20 EOP ordinands trainin8 under the Exeter Ordinaiion Pathway Church Buildings The Church Buildings Team stjpport church communities in looking after and managing change5 to their churches. This involves advice on repairs and maintenance, reordering. grants and permissions. In 2025, members of the team visited 124 churches. often accompanied by Diocesan Advi50ry Committee IDACI members with Specialist expertise in areas such as heating, lighting and conservation repairs. In its role in supporting the DAC and archdeacons with statutory casework, the team processed 231 List 8 applications for minor work5, 60 requests for pre-application informal advice, and 41 formal requests for Facultv permi55ion. Thanks to Buildings fDr Mission grants from the Church Commi5sioner5. awarded in 2024, the two grant-funded Church Building$ Support Officers IC8505l were 3ble ro allocate £202,500 of grant money for minor repairs and improvements between 25 churche5, 10 of which are in areas of the highest deprivation. The CB50s also distributed £68,850 of Quick Wins funding for Net Zero Carbon projects to 16 churches. 16
The Exeter Dlocesan Board of Finance Llmited Annual Report & Con501idated Financial Statements For the year ended 31 December 2025 ACTIVITIES AND ACHIEVEMENTS IN THE YEAR Icontinuedl Church 8uildings Icontinuedl DAC advice 2025 land 2023-20241 2025 2024 2023 loo 200 300 400 Inform31 Advice • Formal Advice List 8 We have been workin8 to improve regular communication with parishes. In the last year. this has included publishing a series of biiesize video guides on carryinE Out maintenance checks ol a church build1ng. and our new quarterly newsletter Living Stone5. The Church Buildings Officer5 a150 5UPPOrt the work of the Church Building5 Strategy Committee. This includes administering casework for churches at risk of c105ure and dI¢t management of the four closed churches which are vested in the diocese and 5eekinB new uses. which collectively take a significant amount of resource. In 2026, with further support from Buildings For Mission grants. the Church Buildlngs Team will build on the work of previous year5. It is anticipated that further Minor Repair5 Grants will be available and the new Parish Accessibility Fund will come on stream. A new online Svstem for managing faculty and List B applications is be1ng developed nationally and is scheduled for implementation in August 2026. Board of Educatlon Thi5 Exeter Diocesan Board of Education Committee IEDBEI is a committee of the Diocesan Board of Finance. It is a statLJtory body responsible for Church of England schools and acadpmles in the diocese. There are 134 Church of England ICofEI Schools in our diocese, includinE five Secondary schoo15, which range in size from 7 pupils to 1.305 pupils Ilanuary 2025 census). Common to all is a desire to fulfil the Church of England Vision lor Education which 15 rooted in the promise by jesus of 'life in 311 its fullness, and expressed through four basic elements.. wisdom, hope, community and dignity. Each CofE school ha5 Its own vision underpinned by theology. 17
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 AcTIVlEs AND ACHIEVEMENTS IN THE YEAR Icontinuedl Board of Education {continuedl The EDBE vision is.. [.{Ikq li I,, DIOCESE FEXETER Education ro enable all. through the love ofGodln Jesus Chrlst. to 'Ilve life in all its fullness. John 10.IObJ EXETER DIOCESAN BOARD OF EDUCATION VISION orENCtsIND INDEVQ urture vlsion-lnspired educatlo Alour15h personal and spirituol growth. The ED8E's Strategic Plan12023- 20251 has four Strategic Priorities for the EDBE Committee and the diocesan Education Team. a5 follow5.. To ensure that the Diocese of Exeter has a successful diocesan family of schools. To respond pro-arlively to the ch3n8ing educational landscape in a way which strengthens school performance. capacity, and sustainabilitv. To work effectively and demonstrate positive irnpact. To p13y our part in ensuring schools are a central part of the diocesan mission. A key aspect to progressing each of these areas Is the Educatlon Team's ability to work purposefully and effertively with other system leaders. from across the Education system and within the Church of England, locally, regionally and nationally. The EDBE Committee undertake5 self-evaluation, measured against agreed 5tratE8lC plan objectives and key results. in each of these areas. Key headline5 include.. A5 of 1st December 2025, 99% of CofE Schools were 'living up to their Christian FoLtndation' based on SIAMS inspection outcomes. At KS4120251 the % English & Math5 IGrade 4+1 in Exeter diocese CofE schools ached 69% which is significantly above nation31164%1. and a significant improvement. There is generosity in the 5VStem with leaders supporting the spread of good practice and the wider education landscape, for example through involvement in governance and influence of local authority policv. Exeter Flourishing Partnership IEFPI ha5 proved very successful with attendees evaluating the training highly and our partner 5UPPOrt visit5 IPSVI evidencing that in the vast majority of settings, leafning h3s been implemented and the impact 15 Posltive.
The Exeter Diocesan Board of Finance Limited Annual Report & Con501idated Financial Statements Forthe year ended 31 December 2025 ACTIVITIES AND ACHIEVEMENTS IN THE YEAR {continuedl Board of Education (continued) Exeter Flourlshlng Partnershlp Th• Exol•r Flourlshin9 Partnership (EFPJ, Inspired by our vision, demonslroles o sIred Commitment to flourishing church schoo15 acros5 the Dioc05e olExetèr. It Is intondod io bg o d*•p, ¢olloborative ond b•n•ficiol relationship and nourishing PIlrtnehjp behyoen tho Diocesun Educotion feom, the Exotor DiJce50n Board of Educolion Committog [EDBFJ ond ocadgmy trusts/federatlon5. EFP provid05 rlch, meonlnglul ond formotlve opportunlti$s lor engogomonf lo ènrleh ehureh school distinctiveness. EXETER FLOURISHING PARTNERSHIP. 89% of schoo15 are now in a formal partnership. During the triennium, the number of grgupings has decreased frorn 35 to 27 as grouping5 have come together, with successful groupings often growin8. For all moves of schools into different strtJcture5, the proportionality of found3tion governance on the responsible board has been at least maintained to preserve the Christian foundation. There are some new excellent pocket5 of work undertaken at parish level with schools to deepen relationships and promote CYP and families, spiritual engagement. Two successful Growing Faith Learning Hub applications were supported by the Education and allocated funding to support Ihe sharing of good practice. The Education Team tontinuè to support schools in working intentionally with thur¢h cornmunities. There are many examples of good practice from our leam and from within our schools. We share this in Floijrish (the Edutation Team's newsletter), Roots and Shuots, or on social media. The Education Team undertake a comprehensive programme of training and development. Particular highlights included the School Leaders Gathering in March, the ongoing Equifv, Diversity, Inclusion and Justice network. and the Governance Reaffirmation and Thanks event in June. The Be a Governor Campaign was relaunched with the airn of recruiting more volunteer to support our schools. BEA GOVERNOR 5pDrt Io h9 poople Ib D•YOn. 19
The Exeter Diocesan Board of Finance Limited Annual Report & Con501idated Financial Statements For the year ended 31 Decernber 2025 ACTIVITIES AND ACHIEVEMENTS IN THE YEAR {continuedl Board of Education (continued) Recognising the strength in collaboration and the challenges in the Education system. the EDBE recommends 5choo15 consider joining 3 strong multi-school groupin8 Ifederation or academy tru5tl. During 2025, one CofE school (part of a small federation) converted to become an ac3demy, and one Acaderny Trust transferred it5 eight schools into another Academy Trust. These moves have enabled the EDBE. 5UPPOrted by EDEN IExeter Diocesan Education NetWDrkl to ensure leadership capacity, schotsl improvement 5UPPtsrt ènd Academy Trv5t central functions were enhanced. resulting ultimately in the standard of education being sustained and improved. Our work involves being 3 voice and champion for Church schools. Working as a system- leader. we collaborate with Academy Trust5. Local Authorities. The Department for Education (Tegionally and nationally) and with the National Society (Church of England Education). KEY PERFORMANCE INDICATORS A5 set out in the dioce53n strategy materials. long term ambition includes significant growth in new disciples by 2035. including a substantial increase in children and young people. supported by a programme of leadership development and new worshipping communitie5. The Board monitors delivery of the diocesan vision and five priorities through 3 balanced set of indicators covering discipleship and growth, leadership capacity, children and young people, mixed ecology. and financial sustainability. Key indicator5 include.. Oi5cipleship & growth.. mea5ure5 of worshipping community participation and growth in new di5ciple5, including Specific focu5 on children and yijung people. Leadership & ¥o£ation.- measures of clergy and lay leader development and the pipeline of authorised ministers and trained lay leaders. Children* young people & families: deploymentltraining c3pacity for CYPF ministry and evidence ol increased engagement of under-185 in worshipping communitie5. Mixed ecology: number and sustainability of new worshipping communities, revitalisations and plants, alongside strengthened parish ministry. Financial sustainability.. Common Fund participation and collertion. trends in Eener051ty. and progress against the medium-term financial plan underpsnning SU5tainability. FUTURE PLAN5 The Diocese's long-standing vision to grow in prayer, make new di5ciple5 and serve the people of Devon wirh joy continues to guide the Board'5 planning and resourcing decisions. OurinE 2025, the Diocese's five missional priorilies - missional leadership, rnissional DNA, vocations, children and young people. and mixed ecology - provided an increasingly integrated framework for mission, ministry and financial planning acr055 the Oioce5e. 20
The Exeter Diocesan Board of Finance Limited Annual Report & Con501idated Financial Statements Forthe year ended 31 December 2025 FUTURE PLANS Icontinuedl As at 31 December 2025, substantial work had been undertaken to develop and submit plans for Diocesan Investment Programme funding Intended to accelerate missional growth, leadership developmenr, ministry with children and young people, and the development of a flourishing mixed ecology of church across Devon, These plans included a set of integrated interventions designed to strengthen ordèined and lay leadership, enable new worshippine comrnunitie5, and support mission communities to grow and serve their contexts effertively. After the year end. the Diocese was formally notified of a successful national funding outcome. and in early 2026 thÈ DiocÈ5e publicly1avnched Pray. Grow, Serve 2035. The funding is restricted for mission and growth and is Intended to support implementation over multiple year5 throuBh a defined set of interventions and governance arrangement5. The Board's future plans therefore focus on lil disciplined implementation. lill robust programme and financial oversight. liiil learning and evaluation to inform later phase5, and livl ensuring that thi5 investment strengthens long-term diocesan sustainability Blongside ongoing statutory responsibilities. After many years of working in partnÈrship with our ecumenical partner5 from the Methodist and United Reformed Church in the new town of Cranbrook, in East Devon, we are delighted that 2026 will finally see work start on a new church building for the community. The church will be built on land that was provided through the local planning proce55 and EDBF has now agreed to fund Its Share of the bulld costs. SECTION 172(1) STATEMENT The trustees act in good faith to continually balance the succes5 of EDBF against many other factors, including ensuring that.. Business is conducted morally and ethically, in line with the EDBF'5 Code of Conduct.. Short term gains do not have an adverse consequence on EOBF'S long-term strategy. 5ucce55 and benefits., Employee and clergy welfare, training and interests are taken care of., Supplier relationships are strong. mutually beneficial and comply with EDBF'S policies,. Good relatlonships exist with our PCC5 and MCs.- and Any comtnunity and environmental impacrs as 3 result of EDBF'5 operations are considered. There have been no major changes to any of the above areas in 2025. FINANCIAL REVIEW Financial performance The Consolidated Statement Df Financial Activities Ipage 481 for the year shows that the income Ibefore investment gains) totalled £ 16.4m12024.. £16.8ml and expenditure amounted to £17.Im12024.. £17.8ml resultirig in a deficit Ibefore investment gains/105se51 of £0.7m12024.. deficit of Elm). 21
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 FINANCIAL REVIEW (continued) Financial performance Icontlnuedl After taking account of net investment105ses of £1.9m on investment properties and financial investments, the net decrease in funds amounting to £2.6m. Total fLsnd balance5 decreased from £126.6m tts £124.Om over the year. After excluding the Surplus from sale of property, the net operating deficit in 2025 was £1.8m12024'. net operating deficit of E2ml. Operating surplusl(deficit)' -£543.000 -El,156,orMI -£1.774,0 -E2,037,000 -El,985.QOO 2021 2022 2023 2024 2025 'ENrludinB 355el sal$ and pension adiustments At 31 December 2025 the aggregate unrestritted and undesignated reserve5 lsee Notes 20 and 2113mounted to £6.Im12024-. £6.4ml. Unrestricted Reserves balance (excluding Designated Reserves) EIO,000,OQD E8,DOO,000 £6.tm.DOO £4.000.000 E2,000.WO EO ?o?I prJ15 22
The Exeter Diocesan Board of Finance Lirnited Annual Report & Consolidated Financial StatÈrnent5 Forthe year ended 31 December 2025 FINANCIAL REVIEW (continued) Slgnificont Property Transactions In 2025 a new house was purchased in Sherford. with the cost being partially reduced by the ltscal planning requirement to provide a site for a vicarage. Our policy continues to lje, as finance allows.. To replace unsuitable properties lon a one in one out ba5151,' To accommodate the changing geographical deployment of clergy within the Diocese.. and To realise development potential in Some propertie5. thereby using our ie50urces more effectively for the ministry of the Church. Five more houses were sold in 2025 and offer5 were accepted on 6 further houses. Two parcels of glebe land were also sold. Plannin8 permi55ion was obtained in the grounds of a vicarage for 3 single dwelling which will be sold in due course. Contracts were exchanged with a developer for the development of a parcel of glebe land to enable a planning application to be progressed. Discussions are in hand for a small number of other glebe 51tes. The recent change requiring local authoritie5 to increase their housing supply allocation5 should result in further opportunities for development. The long-term aim continues to be to seek to maximise income return5 and to adjust the balance of EDBF'S asset holdings, but sales are reqltired to underpin cash flow and 10 SLtpport the budget in the Short term. Thirty*ight ingoing schemès were undertaken in advance of newly appointed clergy taking occupation and quinquennial repairs were instructedlcompleted on 43 hou5e5. Properties continue to be rented when needed to house clergy and the gross rental income achieved was £1.3m. A further £0.6m is received from the rental of glebe property and land. Current Use olclergy Housing Number ol Clergy Houses in portfolio 306 Occupied by Clergv 190 Rented 84 Vacant 32 ented 30% Occupled by Clergy 23
The Exeter Dlocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 FINANCIAL REVIEW {continued} Balance sheet p¢sltlon The tfustees consider that the balance sheet together with details in note 21 show that the restricted and endowment funds are held in an appropriate mix of investment and current assets given the purposes for which the funds are held. While the net a55ets at the ba13nce sheet date totalled £124.Dm12024.. £126.6ml it must be remembered that included in these totals are properties, mostly in USÈ lor the ministry, whose carrying value amounted to £57.5m12024'. £57.3ml. Much of the remainder of the assets shown in the balance sheet are held in restricted funds and cannot be used for the general purposes of EDBF. Reserves policy Unrestrlcted reserves EDBF needs unrestrirted reserves for the following purposes.. al To cover Common Fund shortfalls in the short-term,. bl To ensure that funds are available to cover the legal employment entitlement5 tsf all employees and 5tipendi3ry clergy,. cl To cover expenditure during the time it would take for the Diocese to adjust to a major change resulting from external and irresistible forces- Unrestricted reserves fcontinuedj dl To provide a fund for specific aspects of diocesan work earmarked as coming from reserve5,' and el Excess reserves being necess3ry in an individual year. in line with the expectation5 in the long-term finance plan. EDBF aims for an ongoing level of unrestricted reserves of 25% to 30% of annual budgeted expenditure, in order to cover itern5 al to cl, above. Any arnount5 required to cover items dl and el, above, are considered on an annual basis. The unrestricted free reserves as at 31 December 2025 are outside thi5 range at 36Y• of 2026 budgeted expenditure of E17.Im. Thi5 is mainly the result of selling property assets that were previously in the designated fund. However. at the current time. with the 51Enificant economic Uncertaty, and with a forecast deficit in 2026 of £0.9m, a higher level of unrestricted reserves is considered necessary. EDBF also holds endowment and restricted reserves which are legally limited in use for Specific purposes. Both EDBF'S reserve policy and the level of reseNes are ieviewed annuallv. Re5eThes tied up in fixed a55et5 The general lunrestrictedl fund compri5e5 net asset5 amounting to £6.Im. Thi5 includes 8.6m tied up in intangible and iangible fixed assets and investments. offset by net liabilities of £2.5m. 24
The Exeter Dlocesan Board of Finance Limited Annual Report & Consolidated Financial Statements Forthe year ended 31 December 2025 FINANCIAL REVIEW (continued) Re5erve5 policy Icontinuedl Designotedfunds The trustees may, with the approval of the Board, de518nate add1tional unrestricted reserves ro be retained for an agreed purpose where this is considered to be prudent. Such designated reserves are reviewed on an annual basis and returned to the general fund in the event that the purpose of their designation is no longer consldered to be adequate justification for their retention. A description of each reserve together with the intended USE of the reserve is Set out in notE 23. At 31 December 2025 total designated reserves were £22.3m12024". £21.7ml. of which £21.2m wa5 tied up in tangible fixed assets. Restricted ond endowmentfunds As set out in notes 20 to 23 EDBF hold5 and administer5 a large number of restricted and endowment funds. As at 31 December 2025 re5tritted funds totalled £5.6m12024'. ES.7ml and endowment funds totalled £90.Im12024.. £92.8ml, and with the exception of the adoption of Total Return, neither is available for the general purposes of EDBF. The directors of EOBF adopted Total Return Accounting in 2023. in respect of the investments held within the Diocesan Stipends Capital Fund, under the powers givèn in the Stipends Funds (Amendment) Measure 2016. The directors approved a base date ol I january 20013nd agreed to use the Consumer Prices Index ICPII for the indexation. An initial sum of £900k was allocated in the 2024 budget lor work to improve the Ener8Y Perfofmance Certificate IEPCI rating and Net Zero in our clergy housing. £530k of this 311ocatiDn was spent in 202S, with the balance being available for further works in future year5. A further allocation of £0.5m from the Unappliecl Total Return IUTRI allocation was applied to 5UPPOrt clergy 5tipend5. As at 31 December 2025, the balance on the Dioie5aTI Stipends Capital Fund ftsr investment amounted to £20.7m12024.. £18.3ml and is not available fur the general purposes of EOBF. The balance on the Unapplied Total Return fund at the year-end was E26.4m12024.. £30.6ml. The Unapplied Toral Return fund is available to support clergy stipends and housing over the long term. Grant making and donations policies All grants and donations are made in furtherance of EDBF'5 Strategic Jims and objectives- See note 11. The policies on the making of principal grants aTe: Ordinands- grants for living expense5 are paid to ordinands against an assessment of need In line with national policy,. Remov31 and resettlement grants- grants normally covering the fu51 cost of femoval expen5e5 and resettlement grants in line with national guidelines ace available to Stipendiary clergy on moving to or within the Dioce5e,' 25
The Exeter Diocesan Board of Finance Limlted Annual Report & Consolidated Financial Statement5 Forthe year ended 31 December 2025 FINANCIAL REVIEW lcontlnued) Grant making and donations policies Icontinuedl Quick wins and minor improvement grant funding for churches was provided by the Archbishops. Council. EDBF wa5 responsible for allocatingldistributing these funds to parishes. Archbishops, Council-the Board continues to contribute to the various costs of the national church as requested.. and Strategic Development Fund ISDFI- this fund relètes to grants received Irom the Archbishops, Council and EDBF funding for those projects in receipt of SDF. All grants are taken into account when a non-cancellable commitment to pay has arisen. Investment policy All investments held by EDBF have been acquired under powers available to the Trustees. The investment of dioce53n funds aims to maximise income, whilst mainlaining, 50 far a5 POS5ible. the purchasing power of the investments. year-on-year and having regard to the ethical considerBtions implicit in investing on behalf of the Diocese. Funds at 31 Oecernber 2025 f'OOO Proportlon of Portfolio Income yleld Total Return in year in year CCLA Man3sed CBF Investment Fund CBF Deposit Fund 33.316 loo% 2.92% -1.17% +3,80% Other Fund5 33,329 loo% EDBF also holds investment properties. in the form of three commercial properties and historic glebe land and property. These are all held within the Diocesan Stipends Capital Account Isee notes 20- 231. Fund5 at 31 December 2025 E'OOO 28.869 Income yipld Total Return in year in year Investment Propertie5 2.05% -1.72% Operational relationships ED6F losters relationships with rhe parishes across the diocese. through the provision of clergy. support and training and by engaging with them where it is important to obtain their views. particularly where there are Common Fund considerations. EDBF fosters relationships with SLsppliers by seeking to work with them to bLtild mutually beneficial relationships and by Paying invoices within agreed credit terms. 26
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Staternents For the year ended 31 December 2025 PRINCIPAL RISKS AND UNCERTAINTIES The trustees are responsible for the identification, mitigation and or management of risk and have carried out a formal risk management proce55 to as5e5s bu5ine5S T15ks and to implement risk management strategie5. To help achieve this. a reglster of all the risks identified is malntainÈd Ithe Risk Register) and, alongside it, a managemeni and mitigation strategy forrned. This 15 reviewed annually by the trustees. The above process has been delegated to the Asset5 Group with the responsibility for delivery of the mitl8ation identified by the annual review being delegated to the Diocesan Director of Finance. The Risk Register identifies the types of risks that EDBF faces. prioritising them in terms of potential impact and likelihood of occurrence. and the rneans of mitigating them. The Assets GrDUP in conjuncrion with officers keep under review known risks and seek to identify new circumstance5 which may pose a risk to ED8F as part of their ongoing work. The current risks with the highest residual risk score and the 5tep5 taken by senior management to mitigate them are a5 follows.. Financial sustainability of EDBF.. o Financial p13n, covering the period through to 2035 o Regular report5 to BDC and Diocesan Synod setting out the scale of the challenge and mitigation required o Development of Asset Management Strategy to identify those assets that can be sold If necessary o Adoption of Total Return accounting o Engagement with the National Vision & Strategy team to develop plan5 for securing Strategic Mission & Ministry Investment Board funding EDBF becoming responsible for Imultiplel church buildings that have been closed for regular WOTship remaining in the use-seeking period for extended periods of time.. o Engagement with tommunity opportunities around c105ure o Prompt marketing upon closure o Support to limit the number of churche5 closin8 o Targeted support from church buildings officers of buildings at risk o Promotion of Friend5 Groups Adverse Publicity and Ios5 of trust in church leadership IdLre to safeguarding concerns).. o Clèar and tran5paTent leadership commitment o Proactive engagement with survivors and affected communities o Communication5 Str3tegv 27
The Exeter Diocesan Board of Finance Limited Annual Report & Con501idated Financial Statemen15 For the year ended 31 December 2025 PRINCIPAL RISKS AND UNCERTAINTIES (continued) A shortfall in the Common Fund request.. o Regular communi¢8tion of our vision and strategy by the bishops and the senior leadership team Support provided by the Mission Resources Team to parishes ènd Mcs o Promotion of the Parish Giving Scheme as 3n effective mean5 of regular giving Development of the diocesan giving strategy Failure to properly manage offender5 who attend church due to lack of trainlng for sm311 groups in parishes that monitor sex offenders o Funding secured to work with specialist SLtpport charity to develop a bespoke trainin£ course Relurtion in rental income due to Renters, Rights Act 2025 and proposed change5 to Minimum Energy Efficiency Standard IMEES) o ImplScètions of the legislation are being closely monitored and assessed Divergence of opinion and fallure to accept differing views in equality, diverslty And inclusion causin8 mistrust and di5re5pect between schools, communitie5 and churches.. Following the Nation31 Church of England Education Office lead o Promote, as appropriate. Flourishing for all Anti-Bullyin8 Guidance o Awareness of legal responsibility on schools to give due Tegard to the need to eliminate discrimination (Equality Act 20211, and possible implications for governance Failure to recruit and retain suitable qualified ènd skilled leaders and governors in our schools.. Seeking to talent spot potential governors ènd directors o Relaunch Governance Recruitmenr campaign Programme for induction, training and support Widening the field by accepting appointment based on skills for governance at director level. with willingness to protect Church Foundation Fall in the number of people within our worshipping communities-. Clear statement of our vision and strategy is constantly reinforced by the bi5hop5 and the senior leadership team Development of Exeter Ordination Pathway to increase ordained ministrv capacity o Further development of lay commissioned roles to increase ministry capacity Development of mission3lly focused Leadership Programme o Provision of Living in Love and Faith ILLFI resource5. training and support for parishes and Mission Communities 28
The Exeter Diocesan Board of Finance Limited Annual Report & Con501idated Financial 5taternents For the year ended 31 December 2025 PRINCIPAL RISKS AND UNCERTAINTIES (continued} Failure to appoint Parish Safeguarding Representatives IPSRS), parrlcularly when the parish is in vacancy". o Promotion of safeguarding within parishes o Use of Parish Safeguarding Dashboard o Support from the Diotesan Safeguarding Team o Training for all PCC members Operational theft of data (hacking, denial of service attacks, etc.? Contract with external provider with specialism in cyber securlty o Regijlaf software updates o Firewall and virus protection software o Cyber insurance policy o Regular staff awareness training Non-compliance with new safeguarding legislation and standards. due to vulnerabilities in key areB5.' o Regular review of safeguarding policies Compulsory safeguarding training for relevant P05t5 o Annual safeguarding audits The trustees are sat15fied that all major risks have been reviewed, and systems or Pfocedure5 have been e5tabli5hed to manage these risks. STRUCTURE AND GOVERNANCE Summary information about the structure of the Church of England The Church of England 15 the e5tabli5hed church, and HM The Kin8 is the Supreme Governor. It 15 organised into two provinces (Canterbury and York) and 42 dioceses. Each diocese is a See under the care of a bishop who is charged with the cure of souls ol all the people within that geographical area. This charge is shared with priests within benefices and parishes which are sub-divisions of the diocese. The National Church has a General Synod comprised of ex-officio and elected representative5 frorn each diocese and it agrees Measures for the governance of the church's affairs which. if enacted by Parliament, have the force of statute law. In addition to the General Synod, the Archbishops. Council has a coordinating role for work authorised by the synod,. the Church Commissioners manage the historic assets of the Church of England., and the Church of England Pension Board administers the pension schemes for clergy and13y workers. Within each diocese, overall leadership lies with the Diocesan Bishop, who exercises that responsibility as bishop within the Oiocesan Synod. 29
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 STRUCTURE AND GOVERNANCE (continued) Summary information about the Structure of the Church of England Icontlnuedl The Diocese of Exeter is itself divided into 21 deanerie5, each with its own synod and wlthin each parish there is a parochial church council which sharès wiih the parish priest responsibility for the mission of the church in that place, in a similar way to that in whlch the B15hop shares responsibilities with the Diocesan Synod. Whilst each diocese is a separate legal entity, with a clear responsibility for a specific geographical area, being part of the Church of England requires and enables each diocese to seek support from and work in partnership with neighbouring dioceses. Organlsatlonal strurture EDBF is a company limited by guarantee INO. 001860011 registered in England & Wales and a registered ch3rity (No. 2497981 governed by it5 Memorandum and Articles of Association. The company's principal activity is to promote, a5$$t and advance the work of the Church of England within the Diocese of Exeter. It was established in its present form in 1922 and 15 successor in title to the Exeter Diocesan Trust. EDBF'S governance and oversight of policy development is the responsibility of the trustees. who are also directors of the company and trustees for the purp05e5 of charity law. The trustees/directors of EDBF can comprise-. 11 ex-officio members consisting of the diocesan and two suffragan bishops, the dean, four archdeacons and the chairs of the Synod House of Clergy and Synod House of Lalty and the Chair of EDBF,. 4 clergy elected from the house of clergy from among their number on the ba515 of one per archdeaconrv.. 8 lay persons elected by members of the house of laity on the basis of two per archdeaconry,. and A minimum of 3 and a maximum of 8 members nominated by the diocesan bishop. The Diocesan Synod. the statutory governing body of the Diocese, is an elected body drawn from across the Diocese with responsibility for setting the vision and strategy of the Diocese, guided by the Diocesan 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 both company and charity13w. as well as a governing memorandum and articles of a550Clation. by virtue of the National In5titution5 Measure 2000 EDBF is subject to the direction of rhe Synod in all its activities. unless such direction is not in accordance with rhe governing documents or statutory regulations. 30
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Staternents Forthe year ended 31 December 2025 STRUCTURE AND GOVERNANCE Icontinuedl Attendance rate5 at meetings in 2025 Attendance rates at Diocesan Synod Absent Itsendance 55% Absent 45% In attendance 80% March 2025 June 2025 Absont 17% tiendance 83'L. October 2025 31
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 STRUCTURE AND GOVERNANCE {contlnuedl Attendance rates at meetings of Bishop's Diocesan Council in 2025 70% 60% 50% 30% 20% io% 0% January March May September December Governance Update 2025 The Bishop's Dloce53n Council, along with many a5S0Clated committeès, commenced a new triennium at the start of 2025. The Diocesan Synod and the Bishop's Diocesan Council considered a wide variety of issues durin8 the course of the year- from Siatutory Bnnual tèsks such as agreeing the annual budget, through to strategic planning and the drafting of. an ultimately successful, application to national Church of England'5 Strategic Mi55ion & Ministry Investment Board for substantial. multi-year grant funding from the Diocesan Investment Programme. A Prggramme Board wa5 establf5hed to guide and frame the formulation of the application. and this body now oversee5 the implementation of agreed and grant-funded strare8lC initiatives. Safeguarding continued to feature heavity on Ihe agendas of the Bishop'5 Diocesan Council as national policy and structural developments proceeded at some speed. accompanied bv an increasingly inteiventioni5t approach from the Charity Commission. Relatively few elections were required during the course of the year, although a casual lay election to the General Synod was needed during the autumn. Decision making structure Corporate prioritie5 and the overall financial strategy for the Diocese. to support its primary object to promote, assist and advance the work of the Church of England within the Diocese of Exeter are set by the Diocesan Synod and EDBF. The responsibility for en5urinB that these priorities and strategies are delivered is delegated to the Diocèsan Secretary. EDBF 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 receives and agrees the annual budget, prepared and approved by ED8F. 32
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements Forthe year ended 31 Oecernber 2025 STRUCTURE AND GOVERNANCE {continued) Decision makinB Structure Icontinuedl The trustees. meeting within the context of the Bishop'5 Diocesan Council, hold up to six meetings during the year to formulate and toordinate policies on mi55ion, ministry and finance by-. Initiating proposals for artion by the Synod and advi51ng it on matter5 of policy,. Transacting bu51ness of the Synod when it is not in session subject to the directions of the Synod and in accordance with Synod Standing Orders,. Acting a5 the trustees of EDBF.. Planning the bu5ine55 of the Synod, preparing the agenda for Its 5e5sion, and circulating to rnernbers information about matter5 for discussion; Advising the Bishop on any matters he may refer to the committee,. Initiating consideration of any restructuring of Committee5 and Departments which may appear necessary and for the establishment of ad hoc reviEw graups, their term5 OF reference and membership; Carrying out such other functions as the Synod delegates to it.. and Appointing members to committees and representative5 to external bodies, subject to the direction of the Synod. Other than the 8Dard'5 Standin8 Committee, which may make ur8ent dec55ions on behall of the Board between meetings and h35 responsibility for staffing and personnel matters. EDBF has the following sub Committees, each of which have written term5 of reference.. Asset5 Group Thls GfOUP has responsibility for monitoring all diocesan income and expenditure and the Investment and protection of a55ets. The 8ishop's Strotegy Advi50ry Group This Group comprises the Bishop's Staff Team, the Chairs of both the House of Clergy and Laity, the Chair and Vice Chairs of the Board of Finance ènd members of the SEniar Management Team, who attend 3s required. depending on the subject matter. The Group has a strategic focus. and the subjects di5tUS5ed are in line with the Diocesan Vi5ian & Strotegy. The Group's decisitsns will be directed by the Board and Bishop's Diocesan Council in accordance with the policies agreed by the Diote5an Synod. The Group is also responsible for considering and advising the 803rd on key financial considerations and the annual budget setting process. Exeter Dioceson Boord of Educotion The Board has a responsibility to promote or assist in the advancement of education. which is consistent with the faith and practice of the Church ol England, and in the promotion and assistance of religiou5 education and religious worship in 5choo15. In our 134 Church ol England schools, of which 95 are academies and 39 are maintained schools117 Voluntaiy Aided and 22 Voluntary Controlledl, the Board has a responsibility to as51St and advise governors on matters affecting church schools, and to promote co-operation between the 33
The Exeter Diocesan Board of Finance Llrnited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 STRUCTURE AND GOVERNANCE (continued) Decision making structure Icontinuedl Exeter Dioce5on Boord olEducotion fcontinuedg Board and others involved with education in the Diocese. As part of thi5. the Diocese is keen to ensure the Christian distinctivene55 of 311 Church of England schools is proterted and enhances their community. Under the Diocesan Boards of Education Measure 2021, the EDBE became a formal sub-cornmittee of the EDBF from l January 2023. In addition to these sub-committees EDBF is as51Sted in its work by the following other committees.. Parsonuges Committee This committee. which has the same membership as the Assets Group, is responsible for determining policy and making major decisions concerning the managernent of parsonage houses in each benefice, including Setting policy for buying, repairing. maintaining and any disposal Df parsonage houses, team vicara8es and houses owned by EDBF. There are four archldiaconal par50nage committees which exercise delegated powers lor the day-to-day decisions on clergy housing. Glebe Committee This committee, which has the same membership as the Assets Group. is responslble for determining policy and makinB deci510r15 concerning the management of glebe property and Investments for the benefit of the diocesan stipends fund. Dioceson Mission ond Postorol CommAttee This cornmitlee, which has the Same membership as the Bishop's Council and Standing Committee and the trustees of EDBF. is responsible for the reorganisation of parishes, benefices. church buildin8s, deaneries and archdeaconries, taking account of available clerBY numbers and making use of new patterns of ministry. The committee delegates some of its functions to four Archidiaconal Mission and Pa5tor31 Cornmittees. Dioce50n Advisory Committeefor the Core of Churches This committee advises on matters affecting churches and places of worship such as the granting of faculties. architecture. archaeology, art and the history of place5 of worship, the Use and care of places of worship and their contents and the care of thurchyards. Exeter Diocesun Board oAPotrono9e The Board is constituted under the provision5 of the Patronage (Beneficesl Measure 1986 and is sole patron or joint patron of a number of benefices. Church Building Strategy Committee Th15 committee carries out siaiutory functions wilh regard to churches, which either have been closed for regular worship, or where that option is being considered. A Diocesan Church Buildings Strategy is currently being developed. 34
The Exeter Diocesan Board of Flnance Limited Annual Report & Con501idated Financial Statements For the year ended 31 December 2025 STRucfuRE AND GOVERNANCE Icontinuedl DecisÉon making structure Icontinuedl Vucuncy in See Committee Thi5 committee under the Vacancy in See Regulations 1993 las amended) a55ume5 certain responsibilities in the event of a vacancy In the post of diocesan bishop. Dlocesan Synod The Diocese of Exeter has its origins in the creation of a diocese for Devon in 909AD and took broadly its present form in 1877 when the Diocese ol Truro was creatèd 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 kilometre512,589 squ3re milesl. Devon is predominantly rural, with two major rnoorland areas, but a150 includes the two cities of Plymouth and Exeter and the urban area of Torbay. The overall resident population of the covnty is more than 1.2 million, with the north and south coastal areas attracting many tour15ts in the summer months. The governance ol the Oiocese provides for elected clergy and13y members Bltsngside Ihe Bishop in Diocesan Synod. which also includes ex-officio member$ Such as Suffragan Bishops. Archdeacons and the Dean, as well as co-opted members appointed fDr their skill or expeiience. Oiocesan Synod is presided over by the Diocesan 8i5hop. Its role Is to-. Consider matters affecting the Church of England in the DiDcese,' Act as a forum for debate of Christian opinion on matters of religiou5 or public interest. AdvisÈ Ihe Diocesan Bishop where requested,. Deal with matters referred to it by General Synod,. and Provide for the finances of the Diocese through EDBF. At archdeaconry and deanery levels The Diocese consists of 480 parishes arranged into 21 deaneries within the four archdeaconries of Exeter, Totne5, Barnstaple and Plymouth. Within these parishes there are 593 Church of England place5 01 worship in the Diocese, the 4th highest number in England_ Each deanery has a Synod consisting of a house of clergy and 3 house of13ity. The Synod is chaired jointly by the Lay chair, elected by the lay rnember5 from arnong their nvmber, and the Rural Oean, who is appointed by the clergy and commi55ioned b¥ the Diocesan Bishop. The role ol the Deanery Synod is to.. Give effect to the deEisions rnade by Diocesan Synod; Consider matter5 affecting the Church of England by drawing together the views of the parishes wirhin the deanery. 35
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 310ecember 2025 STRucfuRE AND GOVERNANCE (continued) Decision making Structu Icontlnuedl At archdeaconry and deanery levels Itontinued) Act as a channel of communication to expre55 the view5 of p3rishe5 to Diocesan Synod and thence to General Synod,. Raise with Diocesan Synod such matters as it considers appropriate.. and Elect members of the deanery to Diocesan Synod and of the Diocese to General Synod. Mlsslon Communltles Imcsl Whilst Mcs ère a central part of the structure and Eovernance of the Diocese, they are not of themselves legal entitie5, Mcs will vary from place to place, but will usually Involve 150 or more worshipping adults. tO8ether with children and young people. in order to form a critical mas5. The commitment to work together may be formalised as a united benefice, as a single parish, as a team ministry, or be expressed through a looser partnership. Each MC is encouraged to have a Mission Community Action Plan. Thi5 Should be a working document which helps the local church look outwards, to grow in prayer, to make new disciples and to Serve the people of Devon with joy. At a parish level Each ecclesiastical parish has a PCC. whose members include the local parochial tlerEY, locally elected member5 of the Diocesan and Deanery Synod5, the Churchwaidens, a number of elected represeniatives and. possibly. a small number of co-opted members. Its mernbers are trustees and therefore have trustee responsibilities. Under current charity law, PCC5 Wlth an income of under £IOO,CX)O a year are classified as charities but are currenrly excepted from reBlStration with the Charity Commission. PCCS with an income in excess of £IOO.000 in any year are required to register as charities with the Chaiity Commission. The concession far PCCS with an income of under £IOO,000 will disappear on 31 March 2031. after which all PCCS with income of £5,000 or more will need to register. The financial transactlons and balance5 of PCCS are not reflected In these financial 5tatement5. Exeter Cathedral The Cathedral is the seat of the Bishop and a centre of worship. teaching and mission. It has its own separate legal charitable constitution and prepares it5 own financial statements, copies of which may be obtained from the Cathedral Olfice, l The Cloisters. Exeter, EXI IHS. Exeter Cathedral doe5 not form part of ED8F group for accounting purpose5. Trustee recruitment, selection and induction Trustees are members of the Bishop's Council & Standin8 Committee and are selected a5 Set out above. Trustees are given induction at the beginning of each three-year term Itrienniuml 36
The Exeter Diocesan Board of Finance Limited Annual Report & Con501idated Financial Statement5 For the year ended 31 December 2025 STRUCTURE AND GOVERNANCE (continued) Declsion maklng structure l¢ontinuedl Trustee recruitment. selection and induction Icontinuedl and at other times as appropriate. fhey are also informed before seeking membership and, at all other relevant tlmes, of the role and function of the Committee. Some staff hold the title of 'Directorf, but this relates to their function within the organisation and has no legal meaning within the rerminology asSOClated with the Companies Act. All trustees are required to sign the code of practice and maintain theSr entry in the record of declarations of interest. Standing Committee of the Exeter Diocesan Board of Finance Emoluments of senior employees are determined by the Standing Committee of the Bishop's Council, COnSlSling of the Chair of EDBF, the Diocesan Secretary Inon-votingl, and up to four other Directors (normally the Chairs of the House5 of Clergy and Laity or their deputies, plu5 one further member eletted by EDBFI. The term5 of reference for this group is established by the Bishop's Diocesan Council and include.. agreeing the annual increases in salaries for all lay staff.. considering Ind determining change5 in the grading of any lay 5t31f,. to respond to requests from staff to alter working hours, levels of responsibility or other elernenls of their employment contract.. to make recommendation5 regardin8 Staffin8 leve15, need5 or problems in any area,. to asse55 options and proposals for structural changes in the way in which EDBF operates.. and to take deci5ion5 on behalf of EDBF on matters which must be decided urgently and for which it 15 impossible for the normal processe5 to applv. DeleBation of day-to-day delivery The tru5tee5 and the sub-committees which a5SlSt them in the fulfilment of their responsibilities, rely upon the Diocesan Setretary and his colleagues for the delivery of the Llay-to-day activitie5 of the company. The Diocesan Secretary is given Specific and general delegBted authority lo delivèr the business of EDBF in actord3ncÈ with the policies framed by the trustees. Funds held as Custodian Trustet EDBF 15 Custodian trustee of a5set5 held on permanent trust by virtue of the Parochial Church Councils Ipowersl Measure 1956 and the Incumbents and Churchwardens (Trusts) Measure 1964 where the managing trustee5 are PCC5 and other5. These a55et5 are not aggregated in the financial statements as they do not form part ol EDBF'S assets. They are segregated from EDBF'S own assets in separate bank and investments accounts and are accounted ftsr separatelv. Further details of financial trust asset5, whose market valve amounted to £22.4m at 31 December 202512024". £22.8ml. are available from EDBF on request. and are summarised in note 29. Where properties are held as custodian trustee, the deeds are idenltfied as such and held in safe custody by ED8F's solicitor. Birketts LLP. 37
The Exeter Diocesan Board of Finance Limited Annual Report & Con501idated Financial Statements Forthe year ended 310ecember 2025 STRUCTURE AND GOVERNANCE (continued) Decision making structure Icontlnuedl Funds held an behalf of schools l¢ontlnuedl The Board of EducatSon las incorporated within EDBFI recelves contributions from governor5 of church Schools within the Diocese in connection with major repair and capital projects lo church schools and also government grants in connertion with the same. The Board of Education administer5 these monies as managing agent and make5 appropriate payments to contrattors for work carried out. The monies do not belong to the Board of Education and as such the receipt5 and payment5 are not treated as income and expenditure in the Statement of Financial Artivities. Any monie5 held at the balance sheet date are treated as creditors on the b313nce sheet. The amount5 included in creditors as at 310ecember 2025 were.. £1,184,ocK)12024.. £1,046,(JOOI received from governors and the Department lor Education in advance of repairs and improvements to schools, held in the general bank account.. and £181,00012024- £165,000) held in a separate CCLA deposit account on behalf ofthe Eovernors of Church of England schoo15 in Tespect ol building funds devolved from the Department for Education. The income and expenditsjre relating to school projects not reflected in the Statement of Financial Attivities amounted to £2.Om and £1.2m respectively in 202512024.. £2.Om and £1.2rn1. The Excess of income over expenditure in the year is due to the timing of the receipt of funding Imainly in advance) for school Capital projects. TRUSTEES, RESPONSIBILITIES STATEMENT The trustees Iwho are also directors of ED8F for the purposès of company lawl are responsible for preparing the Trustees, Annual Report (including the Strategic Report) and the financial Statements in accordance wilh applicable law artd United Kin8dom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements, unless they are satisfied that they give a true and fair view of the state of affair5 Of the group and parent charitable company and of the incoming resources and application of resource5. including the income and expenditure, of the group and parent charitable company for that period. In preparing these financi31 statements. the trustees are required to.. Select suitable accounting policies and apply them consistently,. Observe the method5 and principles In the Charilies SORP 2019 IFRS 1021.. Make judgements and estimates that are reasonable and prudent.. State whether applicable UK Accounting Standards have been followed,. and Prepare the financial statemenrs on the going concern basi5 unle55 It is inappropri3te to presume that the group and parent charitable company will continue in operation. 38
The Exeter Diocesan Board of Financè Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 TRUSTEES, RESPONSIBILITIES STATEMENT (continued) The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the grotjp and parent charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent charitable company and hence for taking reasonable steps lor the prevention and detection of fraud and other irregularities. The tru5tee5 are responsible for the mainrenance and integrity of the corporate and financial inforTnation included on the grovp and parent charitable companV5 website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. STATEMENT OF DISCLOSURE TO THE AUDITORS In so far a5 the Trustees are aware-. al There is no relevant audit information of whlch EDBF'S auditor is unaware.. and bl The Trustees have taken all the 5tep5 that they ought to have taken to make thern5elves aware of any relevant audit information and to establish that EDBF'S auditor is aware of that information. APPOINTMENT OF AUDITOR5 The re-appointment of Bishop Fleming Audit Limited as auditors to ED8F will be proposed at the Annu31 General Meeting. 39
The Exeter Diocesan Board of Flnance Llmited Annual Report & Con501idated Financial Statements For the year ended 310ecember 2025 ADMINISTRATIVE DETAILS Trustees The trustees and direttors of EDBF are either ex-officio, nominated, elected or appointed as detailed in the standing orders of Exeter Diocesan Synod, a copy of which can be inspected at EDBF'S registered office. The following were directors throughout the year lunles5 otherwise statedl- Ex officio The Rt Rev Mike Harrison. Lord Bishop of Exeter The Rt Rev Jacqueline Searle, Bishop of Crediton (until 31 January 20251 The Rt Rev Moira Astin, Bishop of Crediton Ifrom 6 July 20251 The Rt Rev Jarnes Grier, Bishop of Plymouth The Ven Jane Bakker. Archdeacon of Plymouth The Ven Andrew Beane. Archdeacon of Exeter The Ven Verena Breed, Archdeacon of Barnstaple The Ven Douglas Deltmer, Archdeacon of Totnes The Very Rev Jonathan Greener, Dean of Exeter (until 5 July 20261 The Rev Preb Michael Partridge (Chair, House of Clergy) Mr Giles Frampton Inominated by the Bishop as Chairl Dr Kerry Gilbert (Chair, House of Laityl luntil 24 April 20261 Appointed by the Bishop Mrs LBura Ford Dr Lystra Hagley-Dickinson The RÈV Tanya Hockley-still Mr Robert Mills (Vice Chair and additionally Chair of the House of Laity frorn 12 May 20261 The Rev Preb Samantha Stayte luntil S July 20261 Ms Sian Walker-McAllister (from 8 May 20261 The Rev Canon Benjamin Williarns (from 20 January 20261 The Rev Canon Dr Michael Williams (Vice Chairl (until 30 September 20251 Dr Michael Wykes (until 31 January 20251 Elected by Bornstople Archdeaconry The Rev Rosie Austin Mr Graham Dunn (from 15 April 20251 Mr Nigel Price Elected by ExeterArchdeoconry Mr Richard Bu2zacott (from l January 20251 Dr Jennie Golding (from l January 20251 The Rev Deborah Leighton-Plom Ifrom l January 20251 Elected by Plymouth Archdeoconry Mr Nicholas Courtman Ifrom 4 March 20261 Mrs Annie Jefferies (from l January 2025 to 21 January 20261 Mr Michael Jefferies The Rev Andrew Thomas Ifrom 10 October 20251 Elected by Totnes Archdeoconry Sir James Burnell-Nugent (from l January 2025 to 11 AuEust 20251 Mrs Clare LillinEton Ifrom 3 March 20261 The Rev Peter Marth Mr Stephen Macey 40
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 ADMINISTRATIVE DETAILS (continued) Senlor staff and advisers Diocesan Secretarv Head of Governance Director of Mission & Ministry Dirertor of Education Director of Finance Company Secretary Dirertor of Finance Director of People Services Diocesan SafegLtarding Officer Dirertor of Property Director of Communications & Engagement Strategic Programme Manager Operations Manager Stephen Hancock Ed Moffatt lan Bu55ell Sue Lockwood Neil William5 Ito 30 lune 20261 Neil Williams lan King (from l April 20261 Anthea Carter-SavlgeÈr Costa Nassaris Graham Davies Chloe Axford Rafael Krasnodebski Annemarie Kendell Registered Office= The Old Deanery The CIoi5ters Exeter, EXI IHS Bankers.. Natwest Bank plc 59 High Sireet Exeter, EX4 3DP External Auditors.. 8ishop Fleming Audit Limited Chartered Accountants Statutory Auditors 8rook House, Winslade Park. Manor Drive, Clyst St Mary, Exeter, EX5 IGD Solicitors-. 8irketts LLP 111 Victoria Street Redcliffe Bristol, BSI 6AX Investment adviser5'. CCLA Investment Management Ltd One Angel Lane London, EC4R 3AB Insurance brokers.. PIB Insurar¢ce Brokers Poppleton Grange Low Poppleton Lane York, Y026 6GZ Main Insurers.. Ecclesiastical Insurance Group plc Montpellier House Montpellier Gloucester, GLI ILF 41
The Exeter Diocesan B03rd of Finance Limlted Annual Report & Consolidated Financial 5t3tement5 Forthe year ended 31 December 2025 ADMINISTRATIVE DETAILS Icontlnuedl The dreCtorS and trustees of the Board'5 subsidiary undertakings who served throughout the vear (unless otherwise stated) were as follows-. DIRECTORS OF EDPS LIMITED Mr Gile5 Frampton (Chairl Mrs lan Keliher (until 12 January 20261 The Rev Canon Dr Michael Williams (until 30 September 20251 Mr Neil Williams In approving this Annual Report (pages 4 391. the trustees are also approving the Strategic Report included on pages 4- 29 within their capacity a5 company direttors. BY ORDER OF THE T STEES Gile5 Frampton Chair 8 july 2026 Rt Rev Moira A5tin Vice Chalr 42
The Exeter Diocesan Board ol Finance Limited Annual Report & Consolidated Financial Statements Forthe year ended 31 December 2025 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE EXETER DIOCESAN BOARD OF FINANCE LIMITED We have audited the financi315t3tement5 of the Exeter Diocesan Board of Finance Limited (the 'p3rent charitable cornpany. or 'EDBF'I and its Subsidiaries I'the group'l for the year ended 31 December 2025 which comprise the consolidated statement of financial activities, the consolidated income and expenditure account. the consolidated and EDBF balance sheets. the consolidated cash flow statement and notes to the financial statements, including a Summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounring 5tandard5, including Financial Reportin8 Standard 102 The FinonciL71 Reporting Stondord applicoble in the United Kingdom ond Republic of Irelond (United Kingdom Generally Accepted Accounting Practicel. In our OPilliDn the financial 5tatements'. Give a true and fair view of the state of the group'5 and the parent charitable company's affairs as at 31 December 2025, and of the group's incoming resources and application of resources, including It5 income and expenditure, for the year then ended." Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prattice,. and Have been prepared in accordance with the requirements of the Companies Act 2006 Basls of opinion We conducted our audit in accordance with International Standards on Auditing IUKI (ISA5 IUKII and applicable law. Our responsibilitie5 under those 5tandard5 are further described in the auditorfs re5ponslbilities for the audit of the financial staiemenls section of our report. We are independent of the group and parent charitable company In accordance with the ethical requirements that are relevant to our audit of the financial Statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled QLJr other ethical respon5ibilitie5 in accordance with these requirements. We believe that the 3udit evidence we have obtained 15 suff iciEnt and appropriate to provide a b35is for our opinion. Conclusions relating to going (Dncern In auditing the financial statements, we have contlvded that the trustees, use of the going concern basi5 of accounting in the preparation of the financial statements is appropTlate. Based on the work we have performed, we have not Identified any material uncertainties relating to events or condition5 that. Individually or collectively, may cast Significant doubt on the group's or parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the re5ponsibilitie5 of the trustees with respect to going concern are described in the relevant sections of ihis report. 43
The Exeter Dlocesan Board of Flnance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE EXETER DIOCESAN BOARD OF FINANCE LIMITED Icontinuedl Other information The other information comprises the information included in the annual report and onsolidated financial statements, Other than the financial statements and our auditor's report thereon. The trustee5 are responsible for the other information. Our opinion an the financial statements does not cover the other information and, except to the extent otherwise explicitly Stated in our report, we do not expres5 any form of assurance conclusion thereon. Our re5ponslbility is to read the other information and, in doing $0, ¢onslder whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially rnisstated. If we identify such material incon515tencie5 or apparent material misstatements, we are required to determine whether this Elves rise to a material misstatement in the financtal statements themselves. If, based on the work we have performed, we conclude that there is 3 material misstatement of this other information. we are required to report that fact. We have nothin8 to report in thi5 re8ard. Opinion5 011 other matter5 preKribed by the Companies Act 21)06 In our opinion, based on the work undertaken in the course of the audlt.. The infofmation given in the trustees, annual report Iwhich includes the strategic report and the diTector5' report prepared for the purposes of Company Lawl for the financial year for which the financial statements are prepared is consistent with the financial 5tatements,' and The strategic report and the directors, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exreption In the light of our knowledge and understanding of the group and parent charitable companv and its environment obrained in the course of the audit. we have not identified material misstatements in the strategic report or the director5. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. Adequate accounting record5 have not been kept by the group and parent charitable company, or returns adequate for our audit have not been received from branche5 not visited by us,. or The group's and parenl charitable company'5 financial stalement5 are not in agreement with the accounting records and returns,- or Certain disclosures of directors, remuneration specified by law are not made: Dr We have not received all the information and explanation5 we require for our audit. 44
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financi31 Statement5 For the year ended 31 December 2025 INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF THE ExER DIOCESAN BOARD OF FINANCE LIMITED {tontinuedl Responsibilities of trustees As explained more fully in the Trustee5' Responsibilities Statement set out on pases 38 and 39. the trustees Iwho are also the directors of the parent charitable company for the purposes of company lawl are responsible for the preparation of the financial Statements nd for being sat15fied that they give a true and fair view, and for such internal control as the trustee5 determine is necessary to enable the preparation of financial statement5 that are free from material misstatement, whether due to fraud or error. In preparing ihe financial statements, the trustees are responsible for assessin8 the group's nd parent charitable company's ability to continue as a going concern. disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unle55 the tru5tee5 either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do $0. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assufance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to 155ue an auditOT'S report that includes our opinion. Reasonable assurance is a high level ol assurance but is riot a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the agEregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. IrrÈ8u13rities, includin8 fraud, are instances of non-complianee with laws and regulations. We design procedure5 in line with our responsibilities, outlined above. to detect material mi5St3tements in respeci of irregularities. including fraud. The specific procedures for this engagement and the extent to which our proceduies are capable of detecting irregularities. including fraud is de5crtbed below.. We have considered the naiure of rhe sector, control envsronment and financial performance of the group and parent charitable companv,. We have considered the results of enquiries with management and the trustees in relation to their own identification and assessment of the risk of irregularities within the group 3nd parent charitable company; We have reviewed the documentation of key processes and contro15 and performed walkthroughs of ir3nsartions to confirm that the systems are operating in line with documentation.. and We have consitjered the matters discussed among the audit engagement team regarding how and where fraud mighi occur in the financial statements and any potential indicators of fraud. 45
The Exeter Diocesan Board of Finance Llmited Annual Report & Consolidated Financial Statements For the year ended 310ecember 2025 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OFTHE EXETER DIOCESAN BOARD OF FINANCE LIMITED Icontinuedl Auditorf5 re5pon5ibilitie5 for the audit of the financial statements Icontinuedl As a result of these procedures, we have considered the opportunities and incentives that may exist within the group for fraud and identified incorrect revenue recognition to be a SIEnificant risk. In common with all audits under ISAS IUKI we are also required to perform specific procedures to respond to the risk of management override of contro15, Including through the use of journal entries, this being a further significant risk. We have also obtained understanding of the legal and regulatory framework5 that the group nd parent charitable company operotes in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amount5 and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006. Charitie5 Act5, Church Measures, FRS 102, th2 Charities SORP and tax legislation. In addition, we considered the provisions of other law5 and regulation5 that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Èroup and parent charitable company's ability to operate or avoid a material penalty. These included employment and health and Safety legislation. Our procedures to respond to risks identified included the followlng.. Reviewing the financial Statement disclosure5 and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial 5tatements.' Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material mi55tatement due to fraud; Reviewing minutes of the Bishop's Diocesan Council meetings.. Enquiring of manaBement and those charged with governance in relation to actual and potential claims or litigations.. Reviewing the financial statement5 di5closvres and ie5ting 10 5UPPDrting documentation to assess the recognition ol revenue- and In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments,. as5e5sing whether the judgements made in accounting estimates are indicative Df potential bia5. and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business. We also communicated identified law5 and regulations and potential fraud risks to all member5 of the engagement team and remained alert to possible indicators of fraud or non- compliance with laws and regulations throughout the audit. 46
The Exeter Dlocesan Board of Finance Limited Annual Report & Consolidated Financial Statements Forthe year ended 31 December 2025 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE EXETER DIOCESAN BOARD OF FINANCE LIMITED Icontinuedl Auditorfs rÈsponsibilitiÈs for the audit of the financial statements Icontlnuedl 8ecau5e of the inherent limitations of an audit, there 15 a risk that we will not detect all irregularitie5, including those leading to a material misstatement in the financial statement5 or non-compliance with regulation. This risk increases the more that tompliance with a law OT regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of inst6nce5 of non-compliance. The risk 15 also greater règarding irregularities occurring due to fraud rather than error, a5 fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A fL*rther description of our responsibilities for the audit of the financlal statements IS located on the Financial Reportlll8 Council'5 website at.. www.frc.org.uk/auditorsrespon5ibilitie5. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit work ha5 been undertaken 50 that we might State to the charitable company's members those matters we are reouired to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and group and it5 members a5 a body, for our audit work. for this report, or for the oplnions we have formed. Charles Martin FCA (Senior Statutory Auditor For and on behalf of.. Bishop Fleming Audit Limited. Chartered Accountants & Statutory Auditors Brook House, Winslade Park, Manor Drive, Clyst St Mary, Exeter, EX5 IGD Date: 30 July 2026 47
The Exeter Dlocesan Board of Flnance Limited Annual Report & Con501idated Financial Statements For the year ended 31 December 2025 CONSOUDATEO STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2025 Unre#rlrted fund5 Gene¥al DÈsiÉfiated Restricred Ftsnds f'ooo Endowment Funds £'ooo Total lunds 2025 E'ODJ Total lunds 2014 E'OOO Nole Ineome and endowMent5 Iram Donations B.438 8.4138 2,740 150 81U 1,410 1,783 1,043 8,414 3.026 175 828 1,473 1,839 Archb15hop'5 Co¥ncil oiher donaiion5 1.740 20 22 130 788 1.410 587 889 Other irading activitie5 Investments Other 94 I,ioi 154 Total income and endawmen15 12,242 2.876 1.255 16,37 16,768 Expenditure on Cosis ol raising fund5 Charitable activitles 116 13,915 167 283 16.822 257 17,492 32 2.875 Toial expenditure 14.031 32 2.875 167 17,105 17,749 Nèt incomellexpemditur21 before Investme lains 11.7891 1.088 Net gainlllos51 on investrnenls 16 13431 11,3861 11,8671 766 Net income/lexpendltuFel 12,1321 12,5981 Transfers between funds 13 1.867 573 12.4401 Net movement in lund¥ 12651 537 IZ,7381 Total funds brought fOard 6.370 21.738 5.689 92.843 126.630 126.84S Total fvnds carri¢d lorward 20 6.105 22.265 5,557 90.105 124,D32 126,630 All activities derive from continuing activities. The notes on pages S3 to 97 form part of the financi31 Statement5. 48
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 CONSOLIDATEO INCOME ANO EXPENDITURE ACCOUNT For the year ended 310ecember 2025 Tot41 Z025 Tolal 1024 E'OOO Total iricoming TQSoufce5 ReSDUe5 ExpendEd 15,119 116.9381 15.974 Operating surpluslldellciil lor ihe year 11.8191 11,7481 Nei Kainlllossl on investments 17 Net ificome for the year 12,3UOI 11,731> OthereomprÈhensivÈ intome.. Net a55eis iransferred Itoilfrom endowmenrs 2,440 163 Total compr2hen5ive income 140 11,SS81 The income and expenditure account is derived from the Statement of Financial Activitie5 Wlth movement5 in endowment funds excluded to comply with company law. All income and expenditure is derived from continuing activities. 49
The Exeter Diocesan Board of Finance LimSted Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 CON50UDATED AND EDBF BALANCE SHEETS At 31 December 2025 Compony Num)er-186001 2015 2024 Note Group £'ooo ED8F £'ooo Group £'ooo EDBF FIXEDASSETS Inttrngible Asse15 rongible assets Investmenrs 14 15 16 35 57,633 62,198 35 57.633 62,198 20 57,512 64.416 20 57.512 64,416 rotgllixedos¥¢ts CURREIVT A55EIS DebtDrs Cosh on dep95ir Cosh ot bonkondin hond 119.866 119,866 121.948 121.948 17 Z.080 38 4.210 2.116 38 4.156 1,576 37 5,588 1,669 37 5,469 Totolcurient¢75sets 6.328 6,310 7,201 7.175 CREDIYOR5.' omourttsfvlllng due wsthin one yeor 18 12.ID81 12,0991 12.1161 NETCURRENT A55ET5 4.220 4.211 5,068 5.059 TOTAL AssEfs LESS CURRENr LIA8ILlflES 124,151 124.142 127,016 127.007 CREDITOR5.' omountslt7111ng due pfterone year 19 13861 13861 TOTAI NET A55ETS 124,D32 124,023 126.630 126,621 FUND5 EndowJTrentJunds Ilrtcludjnoynvestmenr revoluorion iÉserve trl E33.200k12024.. £34,871kll Restrfceed Inromefvnd5 Ilncluding invesimenr fevaluotion reserve ol El.343k 12024.. El.475kll UrtresiflCtediMcomefuftds.' Genefol Funds Ilncludin4 invesimeni rev(TIuoiion reserve of £2,872k12024.. £3,214klJ Dtsignoted Funds Ilncluding investment revaluotion reserve of E5k12024." Eljkj Truding subsidjory 90.105 90,105 92.843 92.843 5.557 5.557 5,689 5,689 6,096 6.096 6,361 6,361 22,265 22,265 21,728 21.728 TOTAL COMPINYFUNDS 21 124,032 124.023 126.630 126.621 50
The Exeter Diocesan 8oard of Finance Llmlted Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 CONSOLIDATED AND ED8F BALANCE SHEETS l¢ontinuedl At 31 Decernber 2025 The note5 on page5 53 to 97 form part of these financial st3tements. The financial statement5 were approved by the Board of Trustees and authori5ed for issue on 8 july 2026 and signed on behalf of the Board by.. Giles Frampton Chair ol the Board 51
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statement5 For the year ended 310ecember 2025 CONSOLIDATED CASH FLOW STATEMENT For the year ended 310ecember 2025 2025 2024 £'OOD £'ooo £'ooo Net rash Inflow/louffjowlAiorn operntlng Artivltles 15,2611 15.0191 Cosfvllow5lrom Invesrlng activliies Dividends. inrerest (7ndYentlrom investments Proceer15frDrn thesule of.. Tort9iblefixed Gssers Fixed c55etinve5fments Purch05e of.. Tongiblefixedossetslor rheuseolthe EDBF Fixedgs5et iFJve5tment5 3.073 3.154 1,590 351 1.373 17281 12081 12,1901 Net cush provldedby/lusedlnJltt¥estlng Artlwtle5 4.286 2,129 C05h Jlow5lrofftfinontsng ortivrtles LoJn5 repJi& by ED8F lendirtg by ED8F loons repoid ro EDBF 140DI 140DI 57 68 NÉtc•sh pro¥ldedby/fused Inlllnonclnq Artivities 14021 13681 Change in tosh &rtd cosh Éqtslvtslertts rn the reporting period Cash rttsh e4Ltfvolentsot l Jonuory 11,3771 5,625 13,2581 8.883 Cosh ondc05he4uivolents at31 December 4,248 5,625 ReColY10¢10ft oJnetincorne/(e%penditureJ beAor¢ InveStnnt gDins to Tretcvshllowlrom operuting octNitie5 Ilet incume/{expertlilurel belore Investmentovins loi the yeor ended31 De¢em&er Adjustmentsfor.. Depreciotion/omorr15ofioN chJrge5 DivièÉnds, inrerestondrentlrom Investment5 Surplu5 on sole D unclionolossetS Oecre05e/lirtcreosel irj debrors IDeire05el/increGse in rreLlitor5 19801 53 13.0731 11,0431 15691 L02 54 IL.0091 272 12021 NetC05hpruvidedby/lu5edinJoperutin4 ortrvltles 15,0191 Anolysis 01¢4sh ond¢05h equlvalents Cosh in hond Notice dep051TS Iless than 3 monrhsj 38 4.210 5.588 37 4.248 5,625 52
The Exeter Diocesan Board of Finance Limited Annual Report & Con501idated Financial Statement5 Forthe year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2025 I. ACCOUNTING POLICIES The fin3ncTal statements have bèen prepared under the historical c05t convention, with the exception of fixed asset investments. which are included at their faiT value at the balance sheet date. The financièl statements have bepn prepared in accordance with the Statement of Recommended Practice for Charities ISORP 2019 IFRS 10211, the Companies Art 2006 and applicable a¢counting standards IFRS 1021 (effective l January 20191. EDBF I'the company'l meets the definition of a public benefit entity under FRS 102. It 15 company limited by guarantee and is constituted under a memorandum and articles of asSOClation. The cowpany is 8150 3 registered charity. rhe address of the registered office is given in the administrative details on page 41. The nature of the company's operation5 and it5 principal activities are set out in the annual feport. These financial statements consolidate the results of the company and its wholly owned 5ubsidsary (see Note 331 on a line-by-line basis. A separate Statement of Financial Activities and income and expenditure account for the company has not been presented because the companv has taken advanta8e of the exemption afforded by section 408 of the Companles Act 2006. The principal accounting polScies and e5tim3tion techniques are as lollows.. a) In¢ome All income 15 inclLsded in the Statement of Financial Activities ISOFAI when EDBF is legally entitled to the income or capital respectively. ultimate receipt is more likely than not and the amount to be recognised can be Quantified with reasonable accuracy. il Common Fund {Parlsh contrlbutionsl is recognised as income of the ye3r in respect of which it 15 receivable. with 8 Cut-off date of 28 Febru3ry 2026 for the 2025 year. 111 Rental income is brought into the accounts when receivable. iiil Interest and dividend5 are recognised a5 income when receivable. iv) Grants received which are subject to pre-conditions for entitlement specified by the donor which have not been met at the year-end are Included in creditors to be carried forward to the following year. vl Statutory Parochial fees are recognised as income of the year to which they relate with a cut-off date of 28 February 2026 for the 2025 year. vil Donations Dther than grants are recognised when reteivable. vill Gains on disposal ol fixed assets for the ED8F's own use li.e. non-investment assetsl are accounted for as other incoming resources. Losse5 on disposal of such a55ets are accounted for as other resources expended. 53
The Exeter Dioce53n Board of Finance Limited Annual Report & Consolidated Finantial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl For the year ended 31 December 2025 I. ACCOUNTING POLICIES Icontinuedl b) Expendlture Expenditure is Included on the accruals basis and has been classified unfler headings that aggregate all costs related to the Statement of Financial Activity category. 11 Expenditure on raising funds 15 constrained to costs relating to the investrnent rnanagement Costs of glebe and any other investment properties and the running costs of EDPS Ltd, EDBF'S trading 5ub5idiary. ill Charitable expenditure 15 analy5ed between contribution5 to the Archblshop5' Council, expenditure on resourcin8 mission 3nd ministry in the parishes ol the Diocese, and expenditure on education and Church of England schools in the Diocese. ill Grants payable are charged in the year when the offer is conveyed to the recipient, except in those cases where the offer is conditional and those conditions are at the discretion of ED6F, such grant5 being recognised as expenditure when the condition5 attaching are fulfilled. Grants offered Subject to such conditior15 whith have not been met at the year-end are noted as 3 commitment bul not accrued as expenditure. iv) Support costs consist of central management. administration and governance cost5. The amount Spent on raising funds and other activities is considered to be immaterial and all Support COSts are allocated to the purpose of charitable activities. Costs are allocated wherever p055ible directly to the activity to which they felate, but where such direcr allocation is not possible. the remainder is allocated on an approximate staff time basis. vl Pension contributions. EDBF'S staff are members of the Church Workers Pension Fund and Clergy are members of the Church of England Funded Pension Scheme (see note 271. The pension costs charged as resources expended represent EDBF'S contributions payable in respect of the accounting period, in accordance with FRS102. Any deficit funding for the multi-employer pension schemes to which ED8f participates is accrued at current value in crediiors distinguished between contributions falling due within one year and after more than one year, with any adjustments reouired reflected in the SOFA. vil Redundancy and terrnination payments ale recognised when EDBF is demonstrably committed either to terminate the employment of an employee or group of employees before the normal retirenient date. or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancv. vill Irre¢overable VAT is charged as a cost against the activity for which the expenditure was incurred.
The Exeter Diocesan Board of Finance Limited Annual Report & Con501idated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS l¢ontinuedl For the year ended ai December 2025 I. ACCOUNTING POLICIES lcontlnuedl cl Tangible fixed assets and depreclatlon Freehold properties Depreciation is not provided on buildings a5 any provision (annua1 or cumulativel would not be material due to the very long expected remaining useful economic life in each case, and because their eypected residual value is not materially les5 than their carTying value. ED8F has a policy of regular structural inspection, repair and maintertance, which in the case of residential propertie5 is in accordance with the Repair of Benefices Buildings Measure 1972 and properties are therefore unlikely to deteriorate or suffer from obsolescence. In addition. disposals of properties occur well beforè the end of their economic lives and disposal proceeds are usually not less than their carrying value. The Trustee5 perform annual impairment reviews in accordance with the requirements ot FRS102 to ensure that the carrying value is nor more than the recoverable amount. Properties subject to volue lirtked Io(7ns Properties which have been bought with the assistance of vèlue-linked loans from the Church Commi55ioners are stated using the origin31 value of the related loan at the balance Sheet date. Inve5tmentpropertie5 und lond Glebe properiies and land which are held for investment purposes and rented our have been included at their fair value. Parsonuge houses EDBF has followed the requirernents of FRS102, in its accounting treatment for benefice houses Iparsonagesl. FR5102 requires the accounting treatment to follow the substance of arrangernEnts rather than their strict le831 form. EDBF is formally responsible for the maintenance and repair of such properties and has some jurisdiction over their future use or potential sale if not required as 3 benefite house, but in ihe meantime legal title and the right to beneficial occupation is vested in the incumbent. The Trustees therefore consider the most suitable accounting policy is tD capitalise such properties a5 expendable endowment assets and to carry them at their historic cost value. dl Other tanglble fixed assets All capital expendlture over El.000 15 capitalised and depreciated as follows. Depreciation is provided in order to write off the cost (less any ultimate disposal proceeds at prices ruling at the time of the asset's acquisition) of other fixed assets over their currently expected useful economic live5 at the following Initial rates.. Motor vehicles FixliJre5 and fittings Equipment Telephone system Photovoltaic panels 25% per 3nnum IO% per annum 25% perannum IO% per annum 4% per annum reducing balance basis straight line basis straight line basi5 Straight line basis straight line basis 55
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statement5 For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl For the year ended 31 December 2025 I. ACCOUNTING POLICIES Icontinuedl el Fixed a55et inve5tment5 are included in the balance sheet at fair value and the gain or loss taken to the Statement of Financial Activities. The investment in the subsidiary undertaking Is valued at C05t le55 any provisions for impairment. f) Leases. EDBF has entered only into operating lease arrangements for the use of certaln assets, the rental for which is charged in full as expenditure in the year to which it relates. Where rent free periods are 8iven as part of an operating lease. the impact of thi5 rent-free period is reflected in the Statement of Financial ActiVSties over the shorter of ihe overall lease term or first break clause lif expected to be exercised) whichever is shorter in time. 8) Debtors. Trade and other debtors are recognised at IhÈ settlement amount due. Prepayments are valued at the amount prepaid. h) Cash at bank and in hand and cash on deposit. Cash at bank and in hand and cash on deposit includes cash and short term highly liquid investments with a short maturity of thfee months or less from the date of acquisition or opening. il Creditors and provisions. Creditors and provisions are recognised where the group and EDBF has a present obligation resulting Irom a past event that will probably result in the transfer of lunds lo a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. 11 Flnanclal insiruments. EDBF only has material financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initiallv recognised at transaction value and sijbsequently measured at their 5ettlemÈnt value. kl Fund balances Fund balance5 are split between unrestricted Igeneral and designated), restricted and endowment funds. Unrestrirted fund5 are ED8F's corporate fund5 and are freely available for any purpose within the charitable company's objects, at the discretion of EDBF. There are two types of unrestricted fvnds.. General funds whith EDBF intends to use for the general purposes of EDBF.. and Deslgnated funds set aside out of unrestricted funds by EDBF for a purpose specified by the Trustees. Restricted funds are Income funds subject to conditions imposed by the donor as specific terms of trust. or else by legal measure. 56
The Exeter Diocesan Board of Flnance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTESTO fHE CONSOLIDATED FINANCIALSTATEMENTS Icontlnuedl For the year ended 31 December 2025 I. ACCOUNTING POLICIES Icontinuedl Endowment funds are those held on trust to be retained for the benefit of the charitable company or group as a capital fund. In the case of the endowment funds administered by EOBF, there are discretionary powers to convert capital into income and. as a result, these funds are classified as expendable endowment. Endowment fund5 where there is no provision for expenditure of capital are classified as permanent endowment. Diocesan Stipends Fund (Endowment Fundl. Total Return accounting has been adopted for the Diocesan Stipends Fund. Each year the directors agree the percentage of the total fund that will be applied to the activities for which the fund 15 restricted. These activities are primarily to support the prov1510n of clergy and clergy housing. Any funds applied are transferred to the general unrestricted fund at the end of each financial year. Trust5 where EDBF acts merely as custodian trustee with no control over the management of the funds are not included in the financial statements but are summarised in the notes to the financi31 staternent5. 11 Preparatlon of the accounts on a going concern basis. Having undertaken a strategic review which identifies the current budget challenBes and the plans for addressin6 these. the Trustees have no concerns about the ability of EDBF to meet ils liabilities and on that basis the group and company are a Eoin6 concern. ml Significant accounting estimates. The preparation of the financial statements requires management to mako judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and amounts reported for income and expenditure dtjring the year. However, the nature of estimation means that actual outcome5 could differ from those estimate5. The following judgement5 lapart from those invDlving estim3tesl have had the most significanr ÈffÈct on amounrs recognised in the financi31 statements: Revaluation of investment properties EDBF carries it5 investment property at fair value. with changes in fair value being recognised in the Statement of Financial Activitie5. Comrnercial investment properties are revalued each year by an Independent valuation specialist. Glebe property is revalued by an independent valuation specialist every five years, with annual reviews of fair value made by management with reference to appropriate indices. or to reflect any changes in the 5tatU5 of the property. Where appropriate, the valuation will reflect the development potential of individual glebe holding5, Pension and other post-employment benetits The liabilitie5 in respect of defined benefit pension schemes and other pension related provisions are determined using acfuarial calculation5 by an independent actuary. The calculations involve making assumption5 about discount rate5, future salary increases. mortality rates and future pension increases. 57
The Exeter Diocesan Board of Finance Limlted Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl For the year ended 31 December 2025 I. ACCOUNTING POLICIES Icontinuedl Depretiation of freehold properties The company does not depreciate its freehold properties as it judEe5 any depreciation tharge to be immaterièl on the basis of the long life of the asset and high residual value on the basis of the board policy of regular maintenance. The board carries out an annual impairment review. Benefice houses recognition 8enefice houses ate legally vested in the incumbent of the benefice. However. the board recognlses these a5 functional 355et5 of the board on the ba515 that the board carries both obligations in terms of rnaintenance and improvement and beneficial entitlement5 of ownership. DONATIONS Parlsh Contributions The majority of donations are collected from the parishes of the Diocese through the common fund 5y5tem. Unrestrl(ted fLÈThd5 Gerseral Designated £'ooo £'ooo Re5tr5cted Endowment Yotal funds Funds Funds 20ZS £'ooo £'ooo Total IndS 2024 £'ot#J Current Year as5e55menr5 8.915 8.915 9,066 15691 15691 8.346 8.346 8.332 Receipts for previtru5 years 92 92 82 Toial Income 8.438 8,438 8,414 Curreni year common fund reteipis represeni 93.62% of the total assessed12024,' 91.90%1. 58
The Exeter Diocesan Board of Finance Limited Annual Report & Con501idated Financial Statement5 For the year ended 31 December 2025 NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl For the yÈar ended 31 December 2025 DONATIONS Itontinuedl Archbishop's Council Uniestritttd funds Restricted Endowment Totil lund5 1025 £'DJo Total lund5 Z024 É'OOD General .0 Designated E'OOO Fund5 £'ooo Funds £'OOD lowest Income Communitles Fundin8' Slr3te8lc Ministry FundtnB Slrategii DE¥IP[NEnf Funding Buildin8$ for MissSan Givlna Advisor Support Fund Capacity Grant Church Repairs & Mainienance Grènt Nei Zero Carbon Grant 1,202 1,202 1,200 211 515 211 515 342 813 80 29 80 25 82 30 496 135 496 135 418 107 72 72 34 2,740 2,740 3.026 'The Lowest Interne Communirios Furidin8 is thè annual 8Tant for either suppariinE SPEcifiC parish mission and development project5 or for clergy 511pends. Other donations and Erants Total funds 20Z5 'ooo Total futhds 2024 'ooo Unrestritted lunds General De51EOèted É'(x)o É'ooo Restricted Funds É'ooo Endowfflent Funds £'OLk) 8enelict Tru5r Legacie5 Other Donalions and 93 93 iii 29 29 46 Re50urcinw Min15teTial Education 20 20 22 130 20 150 179 59
The Exeter Diocesan Board of Finance limited Annual Report & Consolidated Flnanclal Statements For the year ended 31 December 2025 NofES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl For the year ended 31 December 2025 3. CHARITABLE ACTIVITIES Total fund5 Z025 Toial funds 2OZ4 Unre5trltted hjnds General Deslinaied £'ooo Pestrirted Funds £'Mo Endovjrnent Funds £'wo Statutory fees Chaplaincy incamè Feed inlÉxport Tariffs PV pane15 CouF5eliraining fees Miscellaneous income 555 114 40 555 136 40 60$ ioi 55 22 44 35 42 24 35 788 22 810 828 OTHER TRADING ACTIVITIES Toial fund5 2025 £'TrJo Totsl tuTrds 2024 £'ODD Unreslflcted fund5 General Designated £'o É'LThJO estrictÈd EndowinElIt Funds Funds £'ooo E'orij Housi& Income other rental income Tradin¥- EDP5 Ltd 1.277 13 l20 1,277 13 120 1,300 15 158 1.410 1,410 1,473 INVESTMENT INCOME Total funds 2025 £'ooo Total fund5 2024 E'OOO Unrestricted fund5 General Deslgnated Ytestrirted Eftdowment Funds Funds £'oDJ £'OOD Dividènds receivablè 374 213 93 509 976 215 592 946 296 597 Rpnts recEivable 592 587 94 i.ioi 1.783 1.839 6. OTHER INCOMING RESOURCES Total funds 2025 £'ooo Tohl funds 2024 Unresirlrted funds General Oe55Enated £'ooo Restricted ETrdowrnent Funds Funds £'oc E'ooo 'oc Gains 00 Sale of Properties 889 154 1,043 1,009 889 154 1.043 1.009 60
The Ejteter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements Forthe year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl For the year ended 31 December 2025 7. COSTS OF RAISING FUNDS Total funds 2025 Total funds 2024 £.0 un$triE1ed fund5 General De51inated £'ooo £'ooo Restrlcred Endowment Funds Funds £'OLNY É'LVJO Glebe aEent5' fees Oiher glebe eypenses TradlTr8 actlvitiEs- EDPS Ltd 95 82 85 114 55 66 136 32 84 116 167 283 257 61
The Exeter Dlocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL 5TATEMENT5 (continued) For the year ended 31 December 2025 CHARITA8LE A[VITIEs Total funds Total funds ZOl4 £'ooo Unresiritted fumd$ General De518natèd Restricied Funds Endowment Funds £'ooo 2025 £'coo Contrlbutions io Arthbishops. Councll TraininE for Ministry National Churih 349 345 348 208 37 12 152 32 208 37 12 152 32 Grants ènd prevlslons Mission agency pension costs RElired Iler8y huu51ng c05t5 PoolinE ol ordinènd5' maintenance 8rants 36 145 73 79] 790 810 Resour(In8 Mlnlstry and Mls51011 Parish Ministry Stipends and national InSranCe Penslon costs Hou5ins (0515 Removal. resettlement and grants Other expenses 4,497 1,115 3.863 1.567 6.06d 1,124 3.859 5,506 1.2416 4,182 224 348 224 347 227 344 21 10.053 1,581 Ll,634 11.905 5pPOrt fof parlsh minlstry Mi551on and Minis¢ry Creaiion Care & Scicial Justice Cooper LeB3CV grants Suppon seice$ 994 SD 32 622 72 1,648 2,065 98 1.507 583 2,090 2.030 12,604 32 2.858 15,494 16.101 Expendrture on Educat5on and Churth of England Schoo15 Suppori for church schools and parishes 521 17 S38 581 13.915 32 2.875 16.822 17.492 62
The Exeter Diotesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTESTO THE CONSOUDATED FINANCIALSTATEMENT5 Icontinuedl For the year ended 31 December 2025 ANALYSIS OF EXPENDITURE INCLUDING ALLOCATION OF SUPPORT COSTS Pensiox Funds Activities Undertake Directly Grant Fundinz ol Attivities £'OtH) Support CD5ts Total tosts 2025 £'ooo Total ¢ost5 2024 Adjustment E'QOO R315ln8 funds ?83 283 790 15.495 53B 257 810 L6,IDI 581 Contributions to Archbishop's Council Resourting parish ministry Education 79D 12,293 538 2.(YJO 13,Ild 1.902 l,Lo 17,106 17,749 Net IntDmEllexpenditurEI for Ihe year 15 Stated after charging arnorrisorion E19k12024-. £19kl, depreciaiion É34k12024-. £35kl and audit fees ED8F E30k. EDP5 E5k12024 EDBF E40k. EOP5 £5kl. 10. ANALYSIS OF SUPPORT COSTS Total funds 2025 Tota lunds 2024 £'fy)o Unrestrirted lunds General Deslgrtated É'LVJO Restrirted Funds 'ryJo Endowmefit Funds E'ooo Central supponladministration Guvernanie.. External audii of EDBF E¥ternal audii of EDP5 Registrar and Chancellor Synodicèl £05ts 1.328 583 1,911 1.857 28 28 30 LL4 32 114 32 103 35 1,507 583 2,090 2,030 63
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements Forthe year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS lcontinuedl Forthe yearended 31 December 2025 11. ANALYSIS OF GRANTS MADE Institution5 Total 2025 Tot•1 2024 £'ooo E'OOO Fraffl unre5trlcted éuTrds for nitiunal Church respon51bllliie5.. ContribuTions to Archbishop's Countll 790 750 810 Ffom unrestrlrted funds.. 21 li 21 36 io ico 33 62 103 29 109 33 62 103 29 124 34 72 84 36 Clergy ordin3tion Cler8y resettlement Clergy removals Clergy isr incumbency Churches tO8ether In Oevon M1551on & Growth Fund Straieeit Development Fund Trtnsformin8 Plymouth To8eiher Oiher srnall gi3nt5 55 55 13 io io io 48 63 42 47 177 378 84 462 486 From restricted funds for various purptsses wiihin re50urcing parish ministry.. Cooper Leg3ry Fund Repairs and M3inten3nce Grant Strategic Developfflen¢ Fund Plymouth PartnEr5hip in Mi5510 Exerer, 5t Matt's Bay Chu¥£h 31 135 135 107 113 19 383 113 19 383 66 34 612 Total 42 650 650 822 Total 219 378 1,524 I.YD2 2.118 Grant5 paid frorn deSnated funds have been included wiihin unrestricted funds. 64
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements Forthe year ended 31 December 2025 NOTES TO THE CONSOLIDATEO FINANCIAL STATEMENTS (continued) For the year ended 31 December 2025 12. STAFF COSTS Z025 2024 £'ooo £'OOD Employèecosts during the year were a5 follows,. Wages and salarle5 National insurance contributions Pension costs- currpnt yEar 2.410 284 397 2,218 226 386 3.091 2.B30 The average number of persons employed by thE group during Ihe year", 1025 14umber 20Z4 Nurnber Administration and Financial managerneni Grani manaEement ClerBy Hou51n8 M1s5ion, Mini5tryand Stewardship Safeguarding Archdeacon5' 513ff Education and Schools 30 27 17 17 io 70 ThE average number persons employed by ihe Eroup durinE ihe year based on full.time equiwalents.. Z02S Nurnber ZD14 Number Adrnini51ration ond financial management Grant lunded piojects Cler8y Housin8 M15510n. Min151ry And 5teward5hip SafeBuardinR Archdeacon5' staff Educailofi and Schools 24.6 22.7 13.5 12.7 58.1 55.7 The nurnbÈrsaf staff whose emolument5 (including benefits in kind. but excludlng penslon contribuliDns1 amouniEd 10 more than E60,000 were as follow5.. 2025 Number 2024 Number E60.tKIl- £70.000 E70.DJI- E80,000 £80.WI- £90.000 E90.LKII- EIDO.OLhJ Pension payments of £92k12024.. £72kl were made for these employee5. All benefits are recognised when either a legal or contractual obligation arise5. 65
The Exeter Oiocesan Board of Finance Limited Annual Report & Consolidated Financial Statements Forthe year ended 31 December 2025 NOTE5 TO THE CON50LIDATED FINANCIAL STATEMENTS Icontinuedl For the year ended 31 December 2025 12. STAFF COSTS Icontinuedl Remuneratlon ot key management personnel Key management personnel are deemed to be those having authority and re5pon5ibilityi delegated to them by the trustees. for planning. directing and controlling the activities of the Diocese. The members of the Senior Managernent Team were.. Diocesan Secretary Assistant Diocesan Secretary Director of Mission & Minlstrv Director of Education Director of Finance Company Secretary Director of Finance Director of People 5ervice5 Diocesan Safeguarding Officer Director of Property Director of Communications Strategic Programme Manager Operations Manager Stephen Hancock Ed Moffatt lan Bu55ell Sue Lockwood Neil Williams luntil 30 June 20261 Neil Williams lan King (from l April 20261 Anthea Carter-savigear Costa Nassaris Graham Davies Chloe Axford Rafael Krasnodebski Annemarie Kendell Remuneration. pensions and expenses for these 12 employee5 amounted to E891k12024.' 10 employees, amounting to £810kl. Trustees, emoluments No trustee received any remuneration for services as trustee12024.' none). 8 tru5tee5 received travelling and out of pocket expenses, totalling £45k12024.. 10 trustees received £54kl in respect ol General Synod duties, duties as archdeacon or arealrural dean. and other duties as trustees. EDBF is responsible for funding via the Church Commissioners the stipends of licensed stipendiary clergy in the Diocese. other than bishops and cathedral staff. EDBF 15 also responsible for the provision of housing for stipendiary clergy In the Diocese. including the suffrag3n bi5hDps, but excluding the diocesan bishop and cathedral staff. 66
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTESTO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl For the year ended 31 December 2025 12. STAFF COSTS Icontlnuedl The following table give5 detai15 of those clergy trustees who were in receipt of a stipend andlor housing and whether this was provided by ED6F during the year. StipEnd No HoLE51n No YES Yes Yes No Yes Yes Ye5 Yes Ye5 Ye5 Yes Ye5 Ye5 Yes Yes No The Rtght Rev M Harrison The Right Rev J 5earle The Ri8ht Aev M Asiin The RIEht Rev J fjrier The Very Rev J Greener The Ven A BeJnÈ The Ven V 8reed The VeD D Deiimer The Ven J 8akker The Rew T Hockley-Still The Rev P March The Rev Preb M PartridBe The Rev 5 Stae The Rev R Austin The Rev D leiEhton-Plom The Rev A Thoma5 The Rev Cannn Dr M Williams No No No Yes Ye5 Yes Yes Ye5 Yes Yes Ye5 Ye5 Yes Ye5 No Clergy costs EDBF paid an average of 177 full time equivalent12024.. 1831 stipendiary clergy and stipendiary licensed lay wDrker5 35 off ice holders holding parochial or diocesan appointments in the Oioce5e, and the costs were as follows.. 2025 £'oDJ 5.388 56B 1.124 25 20241 E'ooo 5.437 444 1.246 25 StipEnd5 ational Insurance contribution5 Pen&ion costs ApprentlEe5hip le 7.105 7.152 The above figures do not incltjde contribution5 made towards stipends paid by other organ15ation5, e.g. chaplaincie5. Ouring the year there were non-contractual severance benefits 01 £155k paid to 4 clergy12024.. £125kl. All benefits are recognised when either a legal or constructive obligation arises. In addition to the stipendiary clergy. the Diocese also has the following other licensed ministry.. 2025 35 io 183 do 2024 Ao 12 194 39 Self-5UPWrting rnlni5ter5 Self-5UPPQning rninisters in traininE curacies Clergy hDlding licEn5?d under sea 67
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl For the year ended 310ecember 2025 12. STAFF cosrs {continuedl Clergy costs Icontinuedl The stipends of the Diocesan Bishop and Suffragan Bishops are fundÈd by the Church Commissioners and are in the range £43.620- £53.47012024 range.. £42.350- £51.9101. The annual rate of stipend, funded by EDBF, paid to Archdeacons in 2025 was £42.33312024.. £41.0111 and other clergy who were Trustee5 are in the range £30,110- £31,55812024.. £28,670- £30,260). 13. ANALYSIS OF TRANSFERS BETWEEN FUNDS Unre51rirted fund5 General Deslgnated Re5trl¢ted Funds £'ooo Enrfoent Fu*ds £'ooo Property Sales Properry Purchase5 and Improvements Property transfers from Benefsce to Board Adlusiment for clergy housing mkintenan£e Work not yet conlracied ClerRV Conference ToiJl Rettsrn Miscellaneou5 adjustmen15 to funds 534 34 732 IL6 279 35 1,978 27 1.867 573 14. INTANGIBLE FIXED ASS5 Website & Software Cost Al l January 2025 AddiLion5 120 At 31 December 2025 154 Amortisailon At I january 2D25 CharÉe lor the year IDO 19 At 31 ernber 2025 119 Nel Book Value Al 31 December 2025 35 At 31 December 2024 20 68
The Exeter Dlocesan Board of Finance Limlted Annual Report & Con501idated Financial Statements Forthe year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl For the year ended 31 December 2025 15. TANGIBLE FIXED ASSErs Freehold Properties & Land É'o Ollice Equipment Fixtures & VehitlÈs Total PV Panelsl £'o( £'ooo Cost At I lanuary 2025 Addiiioths 57,306 332 362 45 58,045 694 15431 Al 31 L)ecember 2015 57.457 340 354 45 58.196 Oeprecsailon At l JarFuary 2025 Disposals Charge for the year 307 216 io 533 12 13 34 Al 31 December 1025 319 225 19 563 Net 8ook Value Al 31 December 2025 57,457 129 25 57,633 Ai 31 December 2024 57.JOG 25 146 35 57,512 Freehold properties and land fall into a number of asset cla55es'. GlebÈ Houses Parsona8È House5 If ndowmentl Education Propertv IErNlawmtnil other House5 SDard Property Total (Endowmentl {Reried> IDesiKnatedl UrtfÈstri£tedl 'OOD E'ooo É'ooo E'(hJO E'ODO É'ono Al l January 2025 Additions 015P05a15 Transfer5 (note 131 10,56B 39 25.632 77 L19 274 20.713 570 57.306 686 15781 578 At 31 DecErnbEr 2025 10,607 25.131 119 274 2l.326 57.457 All ol the propertie5 In the balance Sheet are freehold and are vested in EtJBF, except for benelice house5 which are vested in the incumbent. Two properties12024.. 21 were previously purchased with the help of value-linked loan5 from the Church Commi55ioners,' the appropriate Share of the net sale proceeds. when the houses are disposed of. will be remitted to the Commissioners. and the related loan liability extinguished. The value of Such propertie5 included above amount5 to £118k 12024. £118kl. Up to and Including 31 December 1999 It was ED8F's policy to include freehold propertie5 at their 31 December 1994 open market value. From l January 2000 EDBF adopted the policy nor to revalue tangible fixed assets. Whi15t previous valuation5 have been maintained they have not been updated. 69
The Exeter Diocesan Board of Finance Limlted Annual Report & Consolidated Financial 5t3tements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS Icontinuedl For the year ended 31 December 2025 16. FIXED ASSETS INVESTMENTS At l January 2025 Additions isposals Transfers Chan8e in Market Value £'cKJo Al 31 DeEember 2015 eooo £'ooo É'o(N) Unresiricted hjnds Listed Investments Unlisied Inve5rrnent5 8,695 8,347 B,700 8,352 Restrlcted fund5 51ed invesiments 3,30D 3,168 Endowrnpnt funds Investmeni property ListEd invtstments 29.699 22,717 28,869 21.809 19071 52,416 11.3861 50,678 Total E08F 64.416 11.8671 62,198 70
The Exeter Diocesan Board of Finance Llmlted Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl For the year ended 31 December 2025 16. FIXED ASSETS INVESTMENTS Icontinuedl The corresponding historical cost figures are.. Group 2025 £'ooo EDBF GroLÉP ED8F Z024 £'ooo 2025 £'ooo 2024 E'DJO Unie5tricted lunds Lisied Irwestments Unllsted investments 5,470 5,470 5.470 5,470 5,475 5,475 5,475 5,475 Re5tr¢ded lunds Listed invE51mentS 1,825 1.825 1,825 l.B25 Endowment lunds Inve5tfflent property Listed investmenis 5.568 11.910 5.568 11.910 5.635 11.910 5.635 IL,910 17.478 17,478 17.545 17.545 Total 24,778 24.778 24.845 24.84S Investment property al A full lisr of properties is available for inspection at The Old Deanery_ bl All land and buildings held on 31 December 202S are held on a freehold basS5. cl Commer£ial investmont properties were valved as at 31 December 2025 by Stratton Creber Commercial (Chartered Surveyors) on an open market basis and residential properties were revalued by the trustees on an open market value basis. Historit glebe was valued by Savills (Chartered Surveyors) on an open maTket basis at 31 December 2022. and their value has been updated by trustees to 31 December 2025, having regard to 5Ultable indices. dl The investment properties form part of the Diocesan Stipends Capital Account See notes 20-23. el The income yield, net of feeslcosts. on the value ol the property investments held as fixed assets in the year was 2.05%12024.. 1.97%). The total return wa5 -1.72%12024.. 5.58Y.I. Invesiment properties are held to provide an investment return. rather than as programme investments. 71
The Exeter Diocesan Board of Finance Llmited Annual Report & Consolidated Flnanclal Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS lcontinued) For the year ended 31 December 2025 17, DEBTORS Group 2025 £'ooo EDBF Group Z024 'ooo ED0F 2025 2024 Due within one year Loans to parishes Common Fund Gift aid from EDPS Lid Current aitount with subsidiary compèry Dep3rtmeni foi Educatiunl governor5 Prepaymenis Other debtors 18 130 IB 130 23 25 764 261 895 17 89 17 89 22 73 267 3rKJ 825 764 261 907 267 300 827 2.080 2.116 1,500 1,593 Due after rnore rhan cne year Loans 10 pèrishes Otherdebtors and prepoyrnents 42 23 42 23 50 26 26 65 65 76 76 Total dÈbtors 2,140 2.176 1.576 L.669 18. CREOITORS.. arnounts falling due within one year Group 2025 É'L>JO 762 76 721 EDBF Group 2024 £'o(x) 429 74 898 ÈDBF 2025 É'ooo 762 72 716 2014 £'ooo 42Y 65 892 Tradp creditors Taxaiion and sociol security Other Ireditor5 and acirua15 Pioceeds of property 501d by Board payable to ExIEtnal organisations Aeceipt5 in hdvance Natwesi Loan- CBIL5 51 231 267 51 231 267 51 281 400 51 279 400 Total credltOV5'. amounts falllnE due wtthin one year 2,108 2.099 2,133 2,116 72
The Exeter Dlocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTESTO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl For the year ended 31 December 2025 19. CREDITORS: amount5 fallinE due after more than one year Group 2025 £'ooo ED8F 2025 £'ooD Group 2024 £'ooo EOBF 2024 £'D)o Loan repaymEnr Instalments due after more than one yÈar NotWe5t Loan CBILS Church Commissionersvalue-llnked ILTranS 267 119 119 119 119 Tot•1 ¢ieditors'. amounts lalling due aftEf mDrE tha one year 119 119 386 386 2025 '(MJo 2024 £'ooo The matUFity of ihe abDve loan5 tnèy be analy5ed Hs follgw5'. Between one and iwo year5 Beiween two and five years In five year5 and rnore 267 119 119 Il9 38fi The loan with Natwest is repayable over 5 years by equal instalments. starting in September 2021. The inierest rate was fixed at 2.66% per annuTn for the First 4 years and the loan can be repaid early at any point without penalty. The loan is secured by a floating debenture over EDHF'S assets. Value-linked loan5 IVLL51 represent amounts advanced to EDBF for the purchase of two properties on an equity sharing basis and are repayable on the disposal of the re13ted property. As at 31 December 2025 the Board had no intention of disposing of eiiher of the properties funded via VLLS. 73
The Exeter Dlocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL 5TATEMENT5 Icontinuedl For the year ended 31 Decernber 2025 20. SUMMARY QF FVND MOVEMENT5 B3lJnce5 at I January202S £'goo Income EmdI1re Transfers Tot41 Return Balancls at JI Decernbrr 2015 E'DOO losses £'oo £'cuo UNRESTWCTED FUNtyS General 6,361 11.158 1,97B 6.096 708 20,502 59 76 704 232 20.734 338 76 279 Die53Th fvl155ion Funds Ditscesan MiSsn & Giowth Fund Crg¥cOnferenCe Fund 44 20 129 35 34 34 Plyrnouth 5DF Projeil Miscellaneou5 Fund5 13 153 27 190 21.718 $73 22,265 AESTRICTED FUNOS Diocesan Pastoral Accounr DIviE5an Stlpends Incvrne arnpran 5t*oDI sale 41.383 88 1,202 4,327 a02 292 io 240 io 238 S88 Attired Clergy Htsusint Growth & MIs51on Fund Str4teRic Developrneni Pfoject5 fj41 516 20 211 5rrate8ic Mln151ry Fund CleriyWldDws Dloie5an Inve51ment ProBrarnmE 77 77 811 19 22 5.689 2.876 5,557 EWDQWMENTFUNP$ Pemianeni Dr NDbb5 EXpendae 91 Gl?be Proppn¥ lrtvesrmeni Fund 10,334 18,339 30.S93 27,786 4.3?6 87 16OSI 645 380 10,608 2D.696 26.408 17.285 4.181 839 1.25S ThÈChurch Colleie IIDStel Trust Y2.843 1.255 90.105 EDBFTptalfynds 126.621 16,290 124,023 SubyidiariE5-General Funds EDPS Lid 84 Group Toial 126.630 16,374 124.031 74
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTE5TO THE CONSOLIDATED FINANCIALSTATEMENTS Icontlnuedl For the year ended 31 December 2025 21. SUMMARYOF ASSÉTS #¥ FUND Current Assets Nt A5set5 TaTrgiblel In¥e5rrnents Ciedltors VAod A55e¢5 'ooo £'ooo £'ooo UTrrESlvlrl¢d lunds-Grner41 347 .226 .096 Unt•stilct•d- dlinald 126 575 705 20.735 Y36 Board Properiies Cleiiy Htsirsirti Repaifs Diocesan Funds MIS51on & Growth Fund CIEigy ConferEnie FuTrd urrington 5t*dDI Furtd Ptymouth 50F Proiect 15cEIIAnEOU5 Dpsi4natEd Fund5 21.190 335 68 29 163 34 29 163 34 190 190 21,190 126 1.068 22,765 Restricteil Diute5an Pasttsral Accuunt 2.967 J.362 87 293 io 4.327 Bafflpton school 5a 252 io 235 S84 etlred Uergy Hou5ine Growth& Mi5510Th Fund 1741 201 589 Cler£yWLdows Diocesan Investrnent Piogramme 77 221 79 77 19 274 3.168 2.487 5.557 EMdowMÈht PermJnEDI Dr Nohb% Expendablè 32 88 GleLE PioperTV IDve5tmetst Fund 10.608 10,508 20.596 16.408 27.255 4.181 839 2D.696 25,560 848 2.15S 561 BEnefiiÈ PrtspÈrty Chuich SEholl15 25,130 119 3.SDI 839 35.857 50.678 3.570 90.105 Totèl EOBF Iurlds 57,668 61.198 s.a74 124,013 5ub51d+arks EDPS Ltd 19 Toial Groupfunds 57,668 61,198 6.39a 124,032 75
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontlnuedl For the year ended 31 December 2025 22. ENDOWMENT FUND- TOTAL RETURN Invemmeni Fund E'OOO Unapplied Toial Return Total Endowrnent £'ooo £'wo At l January 2025 18.339 30.593 48.932 Movernents In thE reporting perlod Dividpnd5 and interest Glebe land rental Incorne fjlebe comrnercial propErty Surplus an sale of propertv Reallsed and unrealised 8alnslllossesl Tr3n51er proEeed5 from Glebe propeny sale 509 201 391 154 13,2951 509 201 391 154 11,5831 645 1.712 645 Less- Grebe land and commercial management fee5 Glebe18nd and commerclal other c05t5 1901 2.357 12,2071 150 ufiapplièd Total Retum allocated to inttsrnè to be ed for sttpends and EPC wor*s to cleigy hou55nE 11.9781 11,9781 11.9781 Net m0MentS in report period: 2.357 111.1851 11,8281 At 31 Dètember 2025 20,696 26,408 47,104 The Irvstees adopted a Toral Rerurn accounting appraach under the thDcesan Stipend Funds IAmendrnentl MÈasurÈ 2016 with effett from l DEcember 2023. 76
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl For thè year èndèd 31 December 2025 23. DESCRIPTION OF FUNDS General fund The general fund 15 EDBF'S unrestricted tjndesignated fund, available for any of EDBF'S purposes without restriction. Church building fund Thi5 designated fund wa5 created from the Pfevious balances within the new thurch building and church building repair funds and is used to provide loans for parishes undertaking strategic review5 or major improvement5 of church building5. Board properties This designated fund represent5 the properties owned and kJ5ed by EDBF in the furtherance of its work and includes curates housing. Clergy housing repairs This designated fund 15 used to support Spending on the repair and maintenance of clergy housing. Diocesan Mission fund5 These designated funds a all part of the mission and ministry developrnent fund, which provide funds for one-off project5 to promote the ministry of the church and its overall mission in the Dioces2. The growth fund. together with the mustard seed fund5 ha5 been set aside specific311y to fund initiatives in mission ommunitie5. Mi55ion & GrDWth Fund This designated fund is available to support loc31 initi3ttves within Mi55ion Communities to deliver the diocesan priorities. particularlv to support work with children. young people and families. Clergy conference fund This designated fund provides funrling for Ihe diocesan clergy conference, held every three to five year5. BurringtDn School Fund This designated fund holds the net proceecls from the Sale of the former Burrington School lin 20191, which can be used to support educational purposes. Plymouth SDF Project Thts designated fund was established in 2019 to provide EDBF'S greed funding lor the church planting SDF project in Plymouth. Miscellaneous funds Thi5 designated fund 15 used for holding monies received by EDBF for supporting specific projects/initiatives. Diocesan Pastoral account The diocesan pastoral account was set up under the provisions of the Pastoral Measure 1983. The restricted purposes lor which the account may be used under the more recent Diocesan and Pastoral Measure 2011 are.. 77
The Exeter Dlocesan Board of Finance Limited Annual Report & Consolidated Financial Statements Forthe year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl For the year ended 31 Dernber 2025 23. OESCRIPTION OF FUNDS Icontinuedl Diocesan Pastoral account Icontinuedl To defray costs incurred for the purposes of the MeasurE ar any scheme or order made under the Measure Èxcèpt for salaries of regular diocesan employee5,' To make loans or grants for the provision. restoration. improvement or repair of churches and par50nage house5 in the Diocese. Other purp05e5 of the Diocese or any benefice or parish in Ihe Diocese.. To make grants or loans to any other Diotese,. and To transfer funds to the diocesan stipend5 fund income or capital accounts. Diocesan stipends income This restricted fund represents the income from the Diocesan Stipend5 Capital account, which has not yet been applied to pav clergy stipends. Bampton School sale This restricted fund was created to separately identify the Previous 8ampton School sèle proceeds from rhe general Church SchDoI funds. The EDBE and Assets Group agree on how these funds are utilised to the benefit of church schools. Agritulturallrural funds This restricted fund represents donations received to enable the Diocese to provide SUPPOTt to the farming community across the Diocese. Retired clergy housing This restricted fund comprises the properties and any sale proceed5 held for this PUTP05e. Growth and Mission fund This restricted fund was established in 2015 to provide funding for specific growth initiatives acr0$5 the Diocese. Three have so far been approved by Diocesan Synod- Growing the rural church, new hou51n8 areas and local mi55ion community SUPPOrt. Strategic Development Fund Project5 Th¢s restricted fund wa5 established to hold any funding recesved or due in relation to those projects receiving Strategic Development Funding. EDBF is not deemed to have the benefit of the income associated with these project5 until the expenditure has been incurred and claimed accordingly. Any changes to the ori81nal 5ubmis510n have to be approved by the Church Commissioners. Ministerial Education Training This restricted fund represents the balance at any time on the funding of ordinands training. 78
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATEO FINANCIAL STATEMENTS Icontinuedl For the year ended 31 December 2025 23. DESCRIPnON OF FUNDS Icontinuedl Strategic Ministry Fund This restrirted fund was established in 2020 to manage the grant fundin8 received from the Archbishops. Council to 5UPPOrt the appointment of additional stipendiary curates. Clergy widows This restrirted fund represents properties purchased from donations to provide for clergy widows. Cooper legacy This restricted fund. arising from the legacy of Mr5 Cooper and Is sed to provide grants ro asslst parishes with church building repair5. Diocesan Investment Programme This restricted funds represents grants that have been received in advance from the Archbishops. Council, and have yet lo be applied to individual projects. Miscellaneous Restricted Fund5 This restricted fund represents the unspent balance of donations received for parishes and for managing the ministry in CranbfOOk. DT Nobbs This 15 a permanent endowment held by ED8F for the support of clergy followin2 marriage breakdown. Dioce53n stipends capital The diocesan stipends capital fund has been created from the diocesan stipends fund capital account assets held on behalf of the Diocese by the Church Commissioners under the Endowments and Glebe Measure 1976 to provide Income for clergy stipends. The fund also reprÈsents the accumulated sale proceeds of glebe property. sale proceed5 of benefice houses and surplus benefice endowments following pastoral reorganisation. Capital funds mav be used lor the purchase. improvement and maintenance of glebe property and benefice house5. The funds may be invested in the C8F Church of England Property. Investment or Fixed Interest Securities Funds, or simply held on dep051t. Benefice property fund This restricted fund comprises ol benefice houses or the sale proceeds of former benefice houses held on su5pen5e by the Church Commissioners. Although benefice house5 are vested in the incumbents for the time being of the benefites concerned, EDBF is obliged to maintain them, to ensure that there 3re sullicieni benefice houses for the pastoral structure of the Diocese,. in addition, where a benefice house is no longer required then it is usually transferred into the unrestritted corporate ownership of EDBF. 79
The Exeter Diocesan Board of Finance Llmited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS lcontinuedl For the year ended 31 December 2025 23. DESCRIPTION OF FUNDS Icontinuedl Church Schools fund5 This fund represent5 premises and endowments vested in EDBF under the Education Att 1993. Church College H05tel Tr*Jst This fund supports the Board of Education in all of its statutory power5 and duties under variou5 education acts together with the traininB of teachers in the principles of the Church of England. 24. CAPITAL COMMITMENTS At 31 December 2025 EDBF had no capital expenditure commitment512024-. £01. 25. OPERATING LEASES At 31 December 2025 EDBF had future minimum lease commitment5 under non-cancellable operating leases as follows.. 2025 £'ooo 2024 £'ooo Non.Land & Buildings operating leases.. Within one year of the balance sheet date In the second to fifth years inclusive of the balance sheet date 26. POST BALqNCE SHEET EVENTSAND CONTINGENT LIABILITIES There were no post balance sheet events or contingent liabilitie5 at the balance sheet date 12024. none). 27. PENSION5 EDBF participate5 in three pen5iun 5cheme5 administered by the Church of England Pension5 Board. which holds the assets ol the Schemes separately from those of EDBF and the other participating ernployer5. One of these Is the Church of England Funded Pensions Scheme fol stipendiary clergy. The other two are part of the Church Worker5 Pension Fund. The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferrèd annuity section known 35 Pension Builder Classic and a cash balance section known as Pension Builder 2014. The Defined Benefit5 Scheme is now closed io future accrual. 80
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Flnanclal Statements Forthe year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl For the year ended 31 December 2025 27. PENSIONS Icontlnuedl These Schemes are multi*mployer last man standing defined benefit pension scheme5 foi which EDBF is unable to identify its share of the underlying assets and liabilities as each employer is exposed to actuarial risks a550Clated with the current and former employees of other entities participating in the scheme. For multi-employer schemes where this 15 the case. paragraph 28.11 of FR5102 requires EDBF to account for pension costs on the basis of contributions actually payable to the Scheme in the year and. where contributions are affected by a 5urplu5 or deficit in the scheme. to disclose information about the surplus or deficit and the implications of the 5urplu5 or deficit for EDBF. A valuation of each scheme is carried out once every three years. Church of England Funded Pension 5cherne With effect from l January 1998, dioEes3n clergy b@tame members of the Church ol England Funded Pensions Scheme. This (fefined benefit scheme provides benefits based on the National Minimum Stipend in the year belofe their date of retirement and provides for that part of the benefit that relates to pensionable service after I january 1998. Benefits are cvrrently being accrued on the basis of half of the National Minimum Stipend INMSI being paid as the normal pension on reaching the age of 68 on completion of maximum service of 41.5 years. or 1.25 times this amount for archdeacon5, plu5 B lump sum of three times the pension based on the previous year's NMS payable from the scheme. Pensions in respect of pensionable service before I january 1998 will be provided for by the Church Commissioners under the previous arrangements. EDBF participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a delined benefit pension stheme. Th15 scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Responsible Bodies. E3ch participating Responsible Body in the Church of England Funded PÈnsions Scheme pays contributions at a common contribution rate applied to pensionable stipends. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute the Scheme'5 a55ets and liabilitie5 to each 5petifit Responsible Body. and this means contributions are accounted for as if the Scheme were defined contribution scheme. The pensions costs charged to the SOFA in the year ale contributions payable towards benelits and expenses 3ctrued in that year. which were £1, 124k in 202512024.. £1.245kl, plus any figures arising from contributions in respect of the Scheme's deficit (see belowl. In addition, a further £27k12024'. £24kl has been charged in relation to EDBF employees who are 3150 in thi5 scheme. 81
The Exeter Dio¢esan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTE5 TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl For the year ended 31 December 2025 27. PENSIONS Icontinuedl Church of England Funded Pensions Scherne Icontinuedl A valuation of the Scheme is carried out once every three years. The 2021 valuation showed the Scheme to be fully funded. The most recent Scheme valuation completed was carried out at 31 December 2024 and also showed the Scheme to be fully funded,. as such in 2025, the deficit contributions paid were £012024: £01. The December 2024 valuation revealed a surplus of £560m, based on assets of £2,570m and a funding target of £2.010m. assessed using the following assumptions.. An average discount rate of 6.0% per annum.. RPI inflation of 3.4% per annum land pension increases con51Stent with thi51; CPIH inflation in line with RPI le55 0.7% pre-2030, moving to RPI with no 3dju5tment from 2030 onwards,. Increase in pensionable stipends in line with CPIH,- and Mortality in accordance with 90% of the $4NA L tables. Wlth allowance for improvements in mortality rates from 2017 in line with the CMI 2023 extended model with a long-term annual rate of improvement of 1.5%. a smoothing p3rametÈr of 7, an init131 addition to mortality smprovements of 0.5% per annum and an allowance for 2020 and 2021 data of 20%1i.e. w = 20%1. The 2024 valuation reflects the benefit improvements that General Synod agreed in principle in July 2025 land confirmed in February 20261. SeEtion 28. IIA of FRS 102 requires 38reed deficit retovery payments to be recognised as a liability. However. as there were no deficit Tecovery payment5 from l January 2023 onwards, the balance sheet liability a5 at 31 December 2024 and 31 December 2025 is £nil. The legal structure of the Scheme 15 such that if another Responsible Body fails, EDBF covld become responsible for paying a share of that failed Responsible Body'5 pension liabilities. 82
The Exetef Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTESTO THE CONSOLIOATED FINANCIAL STATEMENT5 Icontinuedl For the year ended 31 December 2025 27. PENSIONS Icontinuedl Chvrch WuTker5 Pension Fund ICWPFI- Defined Benefits Scheme EDBF participates in the Defined Benefits Scheme section of CWPF lor lay staff. The Scheme is administered by the Church of England Pension5 803rd. which holds the a5set5 of the schemes separately from those of the Employer and the other participating employers. CWPF has two subsections= The Defined 6enefit5 Scheme,. and The Pension Builder Scheme, which has two subsections.. o A deferred annuity section known as Pension Builder Classic. and o A cash balance section known as Pension Builder 2014. The Defined Benefits Scheme I"OBS"15eclion of the Church Workers Pension Fund provide5 benefit5 for lay staff based on final pensionable salaries. The scheme closed to future accrual Irom l July 2024. For funding purposes, DBS is divided into sub-poo15 in respect of each participating employer, as well a5 a further sub-pool. known a5 the Life Risk Pool. The Life Risk Pool exists to share certain rSk5 between employers, including those relating to mortality arsd post- retirement Investment returns. The division of the DBS into 5ub-poo15 is notional and is for the purpose of calculating ongoing contributions. This does not alter the fact that the a55et5 of the DBS are held as 3 single trust fund out of which all the benefits are to be provided. From time to time, a notional premium transferred from employers, 5ub-pools to the General Reserve and all pen5i¢ns and death benefit5 are paid from the General Reserve. The scheme 15 a rnulti-empSoyer scheme as described in Section 28 of FRS 102. It is not POS5ible to atiribute DBS assets and liabililies to specific employeis, since each employer, through the General Reserve, 15 exposed to actuarial r1sks associated with the current and former emplDyees of other entities participating in DBS. This means that contributions are 3ccounted for as if 085 were a defined contribution scheme. The pen510ns costs charged to the SOFA during the year are contributions payable towards benefits and expenses accrued Iri tfrTat year12025.. Eok.. 2024.. £48kl. As there Is no longer a deficit in the DBS. as highlighted in the table below, the total charge recognised in the SOFA was £Ok for 202512024.. £48kl. If, following an actuarial valuation of the General Reserve. there is 3 surplus or deficit in that reserve, further transfers may be made from the Genera1 Reserve to the employers. sub- pools, or vice versa. The amounts to be transferred land their allocation between the sub- poolsl will be settled by the Church of England Pensions Board having taken advice from the Actuarv. A valuation of the D85 is carried out once every three years. At the most recent valuation at 31 December 2022 there was an overall svrplus of £73.6m. 83
The Exetef Dlocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {continuedl For the year ended 31 December 2025 27. PENSIONS Icontinuedl Church Workers Pension Fund - Defined Benefits Scherne (continued) The next actuarial valuation is due at 31 December 2025. In 2024, the Board entered into a full buy-in agreement with Aviva to insure all accrued benefits within the DBS of the CWPF. It was also agreed that some employers could use assets in the D85 in lieu of contributions to Pension Builder Classic. Over the year to 31 December 2025. £369k of surplu5 assets from the DBS ha5 been used to fund contributions in Pension Bullder Classic for EDBF. The Church OF England Pensions Board agreed that deficit contributions should cease with effect from 31 December 2022 ftsr employers whose poals were estimated to be materially in surplus. As a result, there Is no obligatior¢ recognised as a liability within the Employer's financial statements as at 31 December 2024 or 31 December 2025. The leg31 structure of the scheme is such that if another employer fails, the employer could become responsible for poying a share of that employer's pension liabilities. Chur¢h Worker5 Pension Fund~ Penslon Bullder Scheme EDBF participates in the Pension Builder Scheme Section of the Church Worker5 Pension Fund ICWPFI for lay staff. The CWPF 15 administered by the Church of England Pensions Board. which holds the CWPF assets separate from those of the Employer and other participating employer5. CWPF ha5 two subsectlDns'. The Defined Benefits S¢heme.' and The Penslon Builder Scheme, which has two subsections-. A deferred annuity section known as Pension Builder Classic. and o A cash balance section known as Pension Bullder 2014. Both 5eclions of the Pension Builder Scheme are classed as defined benefit Schemes. Pension Builder Classic provides a pension, accumulated from contributions paid and converted inro a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on invesiment returns 3nd other factors. 84
The Exetef Diocesan Board of Finance Limited Annual Report & Consolldated Financial Statements For the year ended 31 December 2025 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS Icontlnuedl For the year èndèd 31 Detember 2025 27. PENSIONS IcontinuÈdl Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefifs ar ferirement. Pension contributions are recorded in an account for each member. Discretionary bonuse5 may be added before retirement. depending on investment returns and other factors. The account, plus any bonuses declared, is payable, unreduced, from age 65. There is no sub-divlsion of a5set5 between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer Scheme as described in Section 28 of FRS 102. This Is because it is not possible to atlribute the Pension Builder 5£herne's assets and liabilities to specific employers and mean5 that iontributions are 3Ecounted for a5 if the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year are the contributions payable1202S.. £369k,. 2024.. £313kl. A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried our as at 31 Detembei 2022. For the Pension Builder Classic section, the valuation revealed 0 Surplus of £34.8m on the on-going 355umptions used. At the most recent annual review. effective I january 2026, the Board chose to grant a discretionary bonus of IO% to both pensions not yet in payment and pen5i0n5 in payment in respect of the seiCe prior to April 1997.. and a bonus on pensions in payment in respect of post 1997 service 50 that the pension increase wa5 also IO% (where usually it would be calculated based on inflation up to an annual cap of 5% for pension5 in payment in respect of service prior to April 2006 and 2.S% for pension5 in payment in respect of service post April 20061. This followed improvements in the funding position over 202S. There is no requirement for deficit payrnent5 at the current tlme. The next valuation is being cariied out as at 31 December 2025. For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the on- going assumptions used. There is no requirement for deficit payments at the current time. The Church of England Pensions Board has agreed that some employers could use assets in the OBS of the CWPF in lieu of contributions to Pension Builder Classic andlor Pension Builder 2014. The legal structure ol the scheme is such that if another employer lai1s, EDBF could become responsible for paying a share of the failed employer'5 pension liabilities. 85
The Exeter Dlocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATEO FINANCIAL STATEMENTS l¢ontinued} For the year ended 31 December 2025 28. RELATED PARTY TRANSACTIONS There are no direct related party transactions involving trustees other than the provision of stipends, housing and expenses as set out in note 12 to the consolidated financial statements. The wife of Giles Frarnpton (the Chair of the Board of Finance) 15 a stipendi3ry minister leading one of our Mlssion Communities. Ruth Frampton received a stipend of £31,233 in 202512024.. E5.0431 and a par50nage house provided by EDBF for this role, with any expense5 incurred being paid by the Mission Community. The wife of the Venerable Andrew Beane has been employed to provide additional support 35 his Personal Assistant. Catherine Beane received El,933 for the provislon of this service 12024.. £2,660) t(J provide additional $4JPPOrt as his Personal Assistant. 29. FUNDS HELD AS CUSTODIAN TRUSTE EOBF atts as custodian trustee for many trust funds by Virtue of the Parochial Church CountSls IPowersl Measure 1956 and the Incumbents and Churchwardens ITrustsl Measure 1964 where the managing trustee5 are parochial church counci15 and other5. A55ets held in this way are not 3ggregated in these financial statements as EDBF does not CDntrol them. The financial assers held in this way may be summarised as follows.. 2025 £'ooo 2024 £'a C8F Church of England Inve5ttnenl Fund IncDme share5 CBF Church of England Inve51rnent Fund accumulatbn shafes CBF Churih of England Fixed Interest Seturities Fund Shares CBF Church of En813fjd Properly Fund shares CBF Gl¢bal Equity Incorne Fund Chafifund Income Units Charibond Fixed Inierest Income Other iommon investrnÈnt funtl holdings ia,716 737 266 889 1.229 2.694 Id,445 761 258 870 1.302 2.460 135 zi 118 Other fixed Inierest stocks C9F Church ol England Dep051t Fun Charles Stanlev 8rewin Dolphin Cash at bank 566 693 541 664 1.437 1.341 TDtal a55Et5 held a5 CU51odlan trustee 22.395 22.798 86
The EKeter Diotesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTES TO THE CON50LIDATED FINANCIAL STATEMENTS Icontinuedl For the year ended 31 December 2025 30. ANALYSIS OF NET DEBT As at l January 2025 Cash flows At 31 December 20ZS £'ooo Cash at bank and In hènd Cash equivalents Debi due after l year Debt due within l yeai 5,588 37 13861 14001 4,210 267 133 12671 4,839 19691 3.852 31. MONEY HELD AS INTERMEDIARY AGENT FOR OTHERS EDBF occasionally holds money as intermediary agents for others as follows: In respect of the Board of Education's involvement in the maintenance and improvement of Church of England schools, buildings, money is someiimes held in advance of work being undertaken. At the end of 2025 the suryi of £1,184.00012024.. £1,046,000) was held in the general bank account lor this purpose., and The board a150 hold5 the Departrnent for Education's Formula Capital funding on behalf of Church ol England schools in Devon and the sum so held on 310ecember 2025 amounted to £181,00012024.. £165,000) and was also held in the general bank account for this purpose. Nelther of the above sums is included in the board's Balance Sheet at the year-end. 32. EDBF LIMITED- LIABILITY OF BOARD MEMBERS The Exeter Diocesan Board of Finance Limited is a company limited by guarantee and as such ha5 no share capital. In the event of windinB-up. the liability of board members is limited to £1 each. 87
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL 5TATEMENT5 Icontinuedl For the year ended 31 December 2025 33. SUBSIDIARY UNDERTAKING IEOPS Llmitedl The wholly owned trèding subsidiary, EDPS Limited, which is incorporated In the United Kingdom (Registered Company No. 44774461. provides services to Church of England academies and schools. EDBF owns 100% of the issued share capital of two ordinary share5 of £1 each. A summary of the trading results 15 shown below-. 20Z5 2024 £'ooo Summary profit and loss account Turnover Cost of sales Gross Profit 107 781 29 158 27 Other oyeratlry8 inceme Administrative expÈn5È1 OperarinE prolit 23 Z2 Gift made LO parent comp3ny ProfitllL0551 after tax A5set5 and Ilabiliiles Current a55els 67 1581 121 Total net a55¢t5 Capital and reserves 155ued share capiral and retained profit 88
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {continuedl For the year ended 31 December 2025 34. 2024 Comparative figures by fund Due to space con5tr3int5 Within the main body of the accounts. this note shows the breakdown bv fund for 2024 for the following notes.. CONSOLIDATED STATEMENT OF THE FINANCIALACTIVITIES For the year ended 31 December 2024 UnrÈ5tTlCted lund5 General DesiBnated É'oc¥J £'ooo Ae5tricted Funds EnduwmEnt Fund5 Tolal fufids 20Z4 Note Income and endowmÈnts Irorn Donations Parish contributlOll5 Arthblshop s Council Other donations 8,414 8.414 3.026 179 828 1,473 1.839 I,tlJ9 3,026 22 59 136 769 1.473 656 215 Inve5tmvnt5 Other 1,182 794 Total Incorne and endcwrnenis 11.663 22 4,289 794 16,768 Expenditure on Costs of raisln8 funds 165 13.287 65 4.150 27 257 17.4Y2 55 Total expenditure 13.452 55 4.215 27 L7,749 et IntomellexpEnditurpl bÈlorÉ investment Bains 11.7891 74 767 19811 Net gainll10551 on Investrnents 16 75 7d8 766 Net incorn2llexpenditurel 11.8491 149 i.sis Tran5fer5 bEtween fund5 13 26 241 Net movement In funds 11,8231 211 45 1,352 Totsl IndS bfought lorward B,193 21,517 5,644 91,491 126.845 Total funds orrled lorward 20 6.370 21,728 5,689 92,843 126.630 All activities derive from continuing activities. 89
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements Forthe year ended 310ecember 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) For the year ended 31 December 2025 A2. DONATIONS {20241 Parish Contributions The majority of donations are collected from the parishes of the Diocese through the comrnon fund system. Unrestrlrted funds General DeSiEllated £'ooo Restdeted EThdowment Total lunds Fund5 Funds 2024 £'co0 E'otxi Current Year asse55mÈnts 9.066 9,056 17341 17341 8.332 8.332 Receip15 for previous years 82 B2 Total Incorne 8,414 8,414 Cyrrent year common fund receipt5 represent 91.90% of the total assessed. ArchbTshop's Coun¢ll Unre5trlrled fund5 Rrrtrlcted Endowmtnt Total funds General £'oDo Oeslenated É'ooo Funds É'ooo Funds £'ooo 2024 Lowest Incorne CornrllunitiÈs Fundin8 1,200 342 1,200 342 SirJieEic Development FundinE Ildings for Missiun G¢ving Advisor Support fund Capacity Grant Church Bepairs & Maintenanie Grant Net Zero Carbon Grant 813 82 30 418 813 82 3Q 418 107 34 ID? 34 3,026 3,026 The Lowest Income Communities Funding is the annual grant for either supporting specific parish mission and development projects or for clergy stipends. 90
The Exeter Diocesan Board of Finance Limited Annual Report & Con501idated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) For the year ended 31 December 2025 A2. DONATION$120241 Icontinuedl Other donations and grant5 Unrestricred funds General Designated £'(MJo E'ooo Re5trirted Funds E'OOO Endowm2n¢ Fund5 £'wo Tolal lunds ZOZ4 8enefact Trust Other Donalioll5 and 8rant5 iii 25 46 22 2Z Education 136 21 22 179 A3. CHARITABLE ACTIVITIES120241 Total lund5 1024 £'ooo Unrestricted funds General OesiKnated É'ooo £'ooo Restrlcted Funds E'OOO Endowment Funds £'ooD Statutory fee5 Chaplaincy income Feed in/Export TarlFt5 PV p3ne15 Courseltralnin8 foe5 MiscÈllaneous incc>me 606 44 6(k5 ioi 57 55 42 22 55 42 24 769 59 828 A4. OTHER TRADING ACTIVITIES120241 Total funds ZQl4 E'0 Unrestrlcted funds General De5ignaied E'LMJO £'ooo Restrtcted Funds £'ooo Endowrneni Fund5 £'ooo Housing tncorne other ren131 Income Tiading- EOPS Ltd 1.300 15 158 1.3DO 15 158 1.473 1,473 91
The Exeter Diocesan Board of Flnan¢e Limlted Annual Report & Con501idated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS l¢ontinvedl For the year ended 31 December 2025 A5. INVESTMENT INCOME120241 Total fund5 1024 Unrertrlrted fvnds General DeslEnated £'LKJO roc#) Re5tflrted Éndowment Funds Funds £'ooo E'oc Diwidends receivable Inieresi receivable Rents rece1vable 362 294 946 296 597 597 656 1,182 1,839 A6. OTHER INCOMING RESOURCES120241 Total funds I014 Unrestricted funds General Pesignated £'ooo £'ooo Aestricted Funds E'o Endowrnent Furyds £'ooo Gain5 on sale of Propertie5 215 794 215 794 1.009 A7. COSTS OF RAISING FUNDS120241 Total funds 2024 Unre5trlcted fund5 General Desiznaied £'ooo Restrirted Funds £'ooo EridowrnEnl Funds £'o Glebe agents, fees Other glebe expenses 55 io 55 66 136 29 136 27 165 65 27 257 92
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements Forthe year ended 310ecember 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl For the year ended 31 December 2025 A8. CHARITABLE ACTIVITIES120241 Total lunds Unreitrirted funds General Designated R¢stricted Fund5 EndDwrnent Fund5 £'ooo 2024 É'ooo £.000 ContributloDs to Archbishop5' Councll Tr31nin8 for Mini51ry National Church 348 348 208 36 Grants and provisions Retired cler8y hou510 Costs Poolin8 01 ordinands mainieThanie Eran15 36 145 145 73 73 810 810 Resourclng Mlnistry and Mi$5ion Pèr15h Ministry Stipends ind national 3,134 1,225 4,179 2,772 5.Y06 1.246 4,182 Ppn5ion co515 Housing co$15 Removèl, fesettlemÈni and grants Other Expen5e5 227 330 227 J44 14 9,095 2,810 11,905 Support for parish ministry M15510n and Ministry Creation Care & Social justice Cooper Legaiy 8rantS Support Services 1,213 65 55 797 33 2,065 98 1,523 507 2.030 11.896 55 4.150 16.101 Expenditufe on Edutation and Church of Ethgland Schools Support for church Khools and par15hes 581 581 13.287 55 4,150 L7,49Z 93
The Exeter Diocesan Board of Finance Llmited Annual Report & Con501idated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontinuedl For the year ended 31 De¢ernber 2025 A9. ANALYSIS OF EXPENDITURE INCLUOING ALLOCATION OF SUPPORT COSTS (20241 Penslon Fund5 Deficit Adjustment E'ooo Activitie Undertaken Grant FLtrnding of AttS¥itles .0 Suppart Costs ratal costs ZOZ4 257 257 10 16.101 581 Coniriburions 10 Archbishop's Council Reseurcing p4nsh ministry Educ4tion 810 1.308 12.763 581 2.030 13.601 2,118 I,030 17.749 Net incomellexpenditurel for the year is stated after charging amortlsation £19k, depreciation £35k and audit fee5 ED8F £30k. EDPS £5k. AIO. ANALY515 OF SUPPORT COSTS120241 Total lunds 102 £'ooo Unrestrlcted funds General Deslgnaied f'WO Restrlrted Funds Endowrnent Funds £'ooo Central supportladminisiration Governance Extemal audit of EOBF External audit ol EDPS ReE15trar and Chancellor Synodical c05t5 1,350 507 1.857 30 30 103 35 103 35 1.523 507 2.030 94
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Icontlnuedl For the year ended 31 December 2025 AII. ANALYSIS OF GRANTS MADE 120241 In5tituUons Total 2024 É'ojo É'oc É'oco From unrestrirted funds lor national Chuirh responsib41ities: Contribution& to Archbishop'5 Counri 810 810 From unrestrltted funds.. zi 12 29 32 13 124 34 72 84 36 IZ4 34 72 Clergy ordination CIErgy resÈttlernent Clergy rernovals Clergy 1$1 inCUTnbpncy Churche5 together in Devon Mission & Growth Fund Straiegii DEvplopment Fund Transformiri8 Plymouth Together other Small 8rants 84 36 60 13 io 47 13 io 66 39 191 389 97 485 From restrfrted funds for varlous purposes within rp5ourcir%E parish m&nistry'. Cooper LeBacy Fund Repairs and MaintenancÈ Grant SirateEiC De¥eloprneni Fund Plymouth Partnership In Mission Exeter, Si Matt's Bay Church 12 107 107 66 34 612 66 34 612 Total 30 822 822 Total 221 389 1.729 2,118 Grants paid from deslgnated funds have been included within unrestricted funds. 95
The Exeter Dlocesan Board of Flnance Llmited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS lcontinuedl For the year ended 31 December 2025 AZO SUMMAItY OF FUND MOVEMENT5 IIUZ41 IncomE ExpeTrditure TnDsfeis GJln5 and Losses Aalanc•5 at 31 OercrnbEr 2DZ4 E'OOO jaary 1024 £'¢oo UIIRÈSTRICTED FUNDS B.184 11.2S7 25 6.361 Chvrch èuildJn85 Fund Board Piopertie5 Clergy Ho5tE Repalrs 704 20.186 165 76 86 94 316 29.5D2 59 76 Olocesan Mlssion & Growih Fund ClcrEV Conlerenre Fund 8urrinKfoD5chDDI Fun Plymouth SDF proiett 44 35 129 34 34 26 13 IS3 2J 22 141 21,728 REsTATED FUN05 DiocÈlan Pasiural A¢etsunr DIDCE5an 5tipend5 Income BamptDn School Sale 4.244 4.383 7.291 IL2911 302 302 io 2A0 3a0 Growlh & MSID Fund 5traie8ic Oeveloprneffli Projec15 660 803 22 sir3tpgii Min15try Fund CriV Widow5 Diocesan Investment Progrotnm Mis11eUS R@5tncied Funds 342 13421 gy 77 14 673 30 57 5.64d d.289 I4.1) 7S 5.689 ENDOWMEIIT FUNDS Perrnaneni Df Nobbs Expendable 89 91 fjlebp Property Investment Fund JQ.803 19.705 27,815 27.980 4.24S 854 31 10,834 18.339 30.593 27.786 4.326 874 794 1.984 20 91.491 794 92.B43 EDBFTOtal funds l16.836 16.61 766 l26,621 Sub5idiariES-GÈnQral Fund5 EDPS Ltd 136 Gr0pTllI 126.845 16.768 766 126.630 96
The Exeter Diocesan Board of Finance Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2025 NOTESTO THE CONSOLIDATED FINANCIALSTATEMENTS Icontinuedl For the year ended 31 December 2025 A21 SUMMARYOFASSETS BY FUNtJ110141 CuN•nt A55etx N•t A55ets Tanwblel InvÈStments trltOrS Fixed A5seis £'OOD £'tsJo £'ooo £'oth) Unre5trictEd funds- Gonwjl SL6 8,569 11.8401 6,361 Uniestrlct- dqsisnaied Church guildinB5Fund Board Piopertie 131 578 199 57 709 20.502 57 68 45 129 34 20.423 DiOtÈ5al Miisjtsn Funds M155iQD & Growih Fund Cfergy ConlEreniE Fund 8vrringlon Schvol FU 45 129 34 12 lellneD5 De5ieTrB(ed Fund5 172 172 20.423 131 l.Z96 21,718 AeSmcd 010 56n P65l¢TalAccouni OitKesan 5tipend5 In¢Dme Bamptonschool sale AgricultrJllp1a5 & co0rLegacY 3.092 1.192 4,383 302 io 140 641 io 274 Growih & MI5Sion Fvnd 5tr3tpgic D@vglapmenT Fund Project5 642 24 24 32 77 307 91 Crg¥ Widow4 DIDcesan Investrnent PrD8rBmrne 77 30 274 JJQD 1.640 5.689 Endowment permanknt Dr Nobb5 E*pthdable 89 91 1.401 1.386 LO.569 Glrtye prDrry Inyesimenk Fund UnappliEd fotal Aelum Benelice Pro)erty 10,569 21.183 26,628 26,628 27.7U5 .326 874 IS.63l 2.155 561 3.646 874 36.319 52.416 41.123 92.843 Total ED8( lunds 57.352 64.416 7.1?5 126.621 5ub51d&ryAe5 EDP5 Lid 26 7oi•l Groupfund5 57.532 6q.4E6 7.201 116.630 For Fund De5cription5, please see note 23 on pa8es 77- 80. 97