Cantorbury Diocesan Board of Flnance Trustee5' Report and Flnanclal Statements 31 De(*mber 2023 [¢1458￿ IEryLYd3NiW*51 1111 A31 COMPANIES H Contents arvj a*nknistralive In[￿Malk)n Trnsle•¥ rewt (In¢￿F#￿a1lr*j Strateg￿ rewtl 3-14 15-19 r*dKlatthJ stat•mant of11na￿l aclvl Ccnsofwjated summary in&)me and eypeThJiture account 21 23-24 PrirKipal a¢￿tIr9 Nc40s to tho st*oments 30-47 Cryratpié ecrf>JlKlatad statem￿t￿lflnanCIa1 acthlfjes 49-52 Cante￿ry Dwesan Bo¥d ofFThr Tn￿te•S Ex-chfvo Tnthes The >￿th￿Shop of C¥ntertyJry. Th kqost Revd aThJ Rl Hon Justin Wolby Thè Bishop of Dovèr. Tho Rt Revd Rosè HU¢J80n-￿k Pw wYU￿. Cha The Vory Rwerend David ￿￿teAh. Dean olcanterbury Cathedral The Vwwdble Stephèn Tayby Th• Arclwjeacon ol Ashford, The Vanerabb Orn Millar The AXthyeac¢￿ of C¥nterbury. The Ver￿bI9 Dr Willlam Adam The ArChde￿n d MaKIst0￿, Tho Vènerablg Andrww Sffi Revd Anthw Baffte lappollited 11 March 2023) nda Ftyd F￿a Higgs Or John Moss The Revd C¥ol Snwth {re&￿ed 11 Mwch 20231 El•ctod Tnthgs Graham C(MJling Revd Gawelh D￿nsOn The R8¥d E*•lFa Lasl Lt Col (Retdl Mc￿l￿n The Revd Canon Dr Jwemy Worth•n Dit)rn￿n Secrdary Thè V￿￿TatI• stèph￿ Tastr luntll 31 March 20241 lain 81Y1￿ (aFv*Tr*•J 1 April 2024) Lth w(￿(￿.$ Groen Kent CT11NQ IXI14￿ IEWd aTrJ Wales) Chxlty Reglstratltsn No. 2493r2 130 w(￿ st￿et EQV 6DL Bankers Lkryds Bonk pk 49 High Street CT12SE Canterbury Dlcwan Board of Finance Page 1 Gordrffl Ro￿1 fftit￿d CT16 3PN 1 An9d Lar* London ETh 3AB Cantortjwy Dbcosan ofFinarte Page 2 Trust•es' report Ilncorpornfjng the slvateglc repo￿ Y￿r endad 31 Dewnbw 2023 The TA￿S pres•nl their annual report lintyyfftting the strat8gic rgport for Compani8s pwp)s8s) tog8ther with thè audited financial sts1em￿ts for thè year ￿￿8%131 ot￿Mb￿ 2023. The W has been prepar&J in aCcrKda￿* witth Part 8 of the char￿85 Act 2011 arvj Constitute5 a dÈrectots' repjrt frKthe purp)ses of company legislathon. Thg frfHnCJ￿ Stater￿ havè been pr8par8d in acc¢)rdarK* ￿1h thg phneq￿l acctyJnlirvJ ￿￿￿leS set (xrt on pages 25 to 29 of th• attached financial staternerts and compty with the charitable company'¥ Memorandum and Artcfes of Assoclation, ap￿Kab￿ 18vts aThJ paoun1￿j and Reporting by Chanties.. Statement of R•comm•rvJed Practice ap￿lea￿l* to tharilies pr8paring thth"r accounts Tri ￿COrdanCe with the FlnanrAal R8wJng Sland* aFv1h￿ in the UK Republic of Ireland IFRS 102). SUMMARY INFORMATION ABouf THE STRUCTURE OF THE CHURCH OF ENGLAPID The Church of En*ThY 15 ￿ganiSed 85 pr￿tr￿eS eac* led by an a￿1b￿0p - c9nt8rb￿ for the sarthem provinct and Y¢xk ts the n¢*them. Eath province cornprtses dirxese4 ofwhth thwa s￿ 41 in England. Each dtiese is dhvided into dganeri85 and eth deanery into parishes.. and each parish overs8en by a parlsh wast called a vuor r¢¢try). Fft)m ancientlimèsthrough totoday. they and their bishop are resp￿sible forthe.cure of souls. in th*r parish. His Majesty the King. is the &Jpr4me Governor ot the Church of Erwand. aFvoints archbishops. blshops and d&ans ofcalhedrals on the athcè of thè Prim8 Minfjster. The Lords Spiritual, conslsting ofthè Yo archbishops and 24 of th* senior bish4)s sit in tho Fk)u5e olL¢xds. The Churth of England ts eprsco￿ty4ed: it is W try th¢ Axchblslw of Cant•rbury and York and there we a further 106 bishops including Dictesan arwj Suffragan &"sly)ps. It Is govwned by General Symod as ts *•'sL7tive and deliberative trf)o* at national lev¢l. making d￿151￿$ on matters of doctrYi8, the holdiry of thurch and rekucffj with ther ¢hurthes. Gw)¢ral Synod p&8s¢s measLffes which. If accepted by ParhamenL havè the effect d Acts of Parlr4Tnent. Th• Ggnèral Synod toone ofthreg gfDUPS or The House of Bishops The HwEe ofclwgy the H¢JJse ofLaity. and General SynLxl mèèts in Lond￿ ty Yryk at kn85t twKe to CCffl8*Jer matters for th* broader goc*J of Ihe Church. STRUCTURE. GOVERMAMCE AND PAANAGEIIIENT Constltution Canterbury DI(￿85a￿ Soard ol Fina￿￿ ICDBF. the charity or the eoanl) was I￿OI￿ated as a company on 29 Dacem￿ 1916 to marwe the firwrjal affairs of Ihe dK)cese an(1 to hold assets. Every member of Diocasan Sync## is a rnembor ol CDBF ts company law purp)5es. and similarty Archbishop's Council ¢omwse$ the Trustees. The Board 15 a company limited by guarantee and as such has no share caprtal. The Board is a regislered charity and ils Trustees are the sarre peoplewho serve asthe Board ofDirecto f¢r crAnpary law P￿[￿SeS. Th• Bo*d togetherv*Tlh its SU￿diary entibes comprises the'gnyjp.. The princlpgl obiectofthe d)Wand the group Isto assistthvw￿kofth0 Church ofEngland the advarttment ofthe Chiistsn faith in th• tlirtose ￿ cant￿￿. Nl¢thvd of appolnlThnl ordKllon ofTNstoos The management ofthe charty and ihegroup is ￿the Tn￿ta•S whoare eleded and CD- opted under tho t8fms ofth? P41Kaos ￿A$*y￿a￿. Canterbwy DI0￿5￿ 8oard of Flnarte Pago 3 T￿￿tee$, report linc¢rporntiftg the strategic Year •ndth4 31 DecEmbw 2023 STRUCTURE GOVERNANCE AND MANAGEMENT (cr￿￿￿d) Poficies adopt•d f•r th• induellon and ¢rniniry of TNstsos At the first meetsn9 of the triennium. the triannium for th¥ Tfustees ￿7￿9 thg period January 2022 to Oecember 2024. Ime is set aside for thè lftdu¢tion and traIn￿g ol Trustee$ and further traiThng is provKJed where necessary during th• tri8nruum to ensure that all Trnstees are kept fvly infom*d of their res￿s1￿￿tIOs. Dktesan officers aro a￿yE on hand to athso Tntste8s on SUF¢)1grwtary Issu05. Trustees. remuneTation The Trustees do not ￿e1ve rWnunWat*￿ for the¥ rolès as trustees of the charity. The clergy rnembers of tho Board, 85 office hdders wthin the dictese. T￿eNe Ixxtsing and stipends as part ofthwr clergy role. ganisational struciure and da¢ision makin9 The Board, as Arthknshop's Council, 1$ resprytsible for *￿Ik￿l9 Bishop of Dover to shape the diocesan stratsgy and to monitor th• outwthwig d that thtew. It sats ovuall obiedwes and priorib"e5. The ou￿rking of those oblectives and strateges lortho DKJcèse ofcanterbury is conducted through overar¢hing frameworks. The frarneworks (see beiLVAT undet poI￿leS and obiecti¥esl meet frequently to plan Iheir ¢y•m pr￿￿t￿ awKI rnake appropriate deci&ons in support of the overridiThJ strategles and objectiv85 of the D￿0$0 of c*t•￿ry. In April 2023 the Comrnunities and Partner5hip5 Framework ceased to exist and aclivrties wert tsken over by other fram¢wryk5 #nd T(>Jeth8r K8rbL which was renamed Social JustiGe N•twork on 14 April 2023. prinrJpaS offic•rs manag• thè day-tTrday administrathon in conjuncti￿ with Archb*hop's and respective tramth¥ork5 a5 appropriate. The Mmaining stsff as5i5t in administrabw. Retsted party relationshi CDBF makes Contri￿.On$ io the naiion4 Artibi5hops' CourKil towards the running costs of ts National Churth. Th* stip¢nd$ of all parish priests are paid initiajly by th¢ Chw¢h Commissknors and theso ar• rèimbursed by CDBF. The stipend of the Bi%hop of Do¥er ttsJèther ¥￿h the sb.pend of the Chapfain. the salaries of the Bishop's office slaff and the Archdeacon of Maidstone's stipend are bome by the Church Commissiffior5. The stipend of thè kn￿d￿On of Cantertyjry is bome by the Dean and Chapter of CarbtwbLry Cath¢dral end is not Ind￿led in ￿se finarxaal ststerrpnts. Th? Board Considers that thg following a￿ subsidiary ¢tynpan* or ¢onnerled thalilies: SLrtJsidiary Companl8&"'. Cwterbury t*ocesan Entsrwses L¥thJ (CDEL) tlictesan A￿￿lIer￿U￿1 Service knmite(l {DASL) Ethos S¢hoDI ImFwry4emont Limiied (ESIL) The So¢wl Ju*¢e Nthork [￿NI {fMwly Togeth¥ Kwrt) Connected cha￿e* The Oicwe ofCantertyJry Academies CoMp￿Y LIMI￿j (DCACL) Canterbury Oic¢8san Board of FThnce P&¥4 Trustees. rnport fincorporaling the strntsgl¢ Iwort) Year ended 31 t>ecembw 2023 STRUCTURE. GOVERNANCE AND IIANAGEMENT (ctyrtinuwjl Rlsk management The Trustees have a$￿s￿l the ￿￿ily ￿ to whth thè thath and tha 9roup arn &Xpc￿d. In pwticular IhrAe related to owakns and f6narw ofthe cl)arity and thg group aTrd are sal1sfi￿ that appwpriate systems and procedures arè in p*e to mrtgate exposure to the major risks. The Twst985. Ihrough th8 Finance and Assets Committeè. und*1ook a o)ryireh￿5￿9 reviow of the stra￿1¢. Lwwness operational risks thriwgtrth 2023. The key risks faclng Board of ¥e: • Nonyyynent of fiAI P•ish Stror•. The Tn￿te8$ contnu• to pay careful attwrtion to the Parish Sh¥e Stherne whth detem)ine5 the allocaticn of contiibuthins need￿ frTrm each ￿1$h to malntsin the general fund. Thè Trustees also mMitor, on a re9uL8r basis, the Co1￿CtIon rnle of contributions r6Ctived from iThJwidual parishes. wilh a view to Mjenbfyng at an ewly stage IlThe parishes wh￿h aro Ilkdy to have tjllffcult￿s In meetlng twr Parish Sharè. ptstential issues are Klen11fi￿ tho finance team with tho Archd•acons Deanery Trgasurws to ffl￿ga￿ arKI rninwnise any risks idenlifigj. • A failure lo take app￿riate Saf￿arding precautions and *Jit￿¢ w￿leS to protect all t￿￿&WhO cryne within the cafe of ow chLrt*e5. CD8F takes extrwnety seriousty the need for strong safeguardlng pr¢¢¢dU￿ #nd ¢ontrd5. The Trustees are U￿rnalety respowble ovwseelng the Nnplementst*)n and rèvi*w of pobcies and Jur•s fDf 5af8guaTdin9 cNdren and WLdneratAe adutts thmughout the dhxese., and ￿ dtrv8loF4ng and Ma￿ta￿￿)g gotyJ wactKe in relation to the safety and welfare of children, young people vLdr*Ta￿e adutts. Thèrè 15 in Fla￿ 8 Structure with an Independent Safeguardln9 Chair and policFèS that ￿S￿re ftll r¥Jor vthen af*Jressing safwrfn)g issugs. The lessons le81r￿ from historic sexual abuse ¢ase5 continue to refonn the way tho Chuch ol EngLarO. ar￿ the CDBF do things. Ml Church officers. Twstees, slaff and vduntsers arg train*J in di¢<0san saf¢guarding pJi¢y and best practkce and the Oic*xsan Safwjarding Adt4tscrfs are awarfa￿t to gfvè advleè. • IT and systems fafiwes. The Tru5te85 are awwe of the threat by thoso vAth malKM)us int￿t and cYb8r•¢￿1ty Is taken very seriously. The Tnths are awrare also of the need to ensuro the strr*)gest p0S￿ble d8fer •3wnst attack induding the upgrading Df 50knre and harthvare. To strenglhen our defences agalnst attacK via maliclous emalb and phithin9 aiwks. stsff are trained to frllcw best practice and to be alert to maluous emai￿ aThJ 0th8r FQtenli* IT risks. We have an ICT toard vthich keeps cyber$e¢urity and rebted issues urK18r cante￿WY DIoc9san 8oard of FlnarKe Page 5 Trustses. report Vneorpornllng the strattyK veport) Year endtJJ 31 Oe¢ember 2023 STrUmRE. GOVERNANCE AND IIAMAGEMENT Ic(mlinugJ) R&%k management 1cC￿tinued} + The ¢hmi's key assets comprise pwerties aThl lisbj investments. Cash flow i55ue5 may arise ause ofthetirnin9 ofcapital IransthsaThJ pc*xThieslment perf￿￿arte may lead lo bsses belng cuff&J. Pfqmrty maint8nance is of key impxlance. enSUrr￿ that the buibjirwjs af8 maintai￿d to a high standard and Ihat PT&vent8bve a¢tiM is takw betse rn8llErs become real prot>lems. The chafity has a highly th.lied Propety Teaffl with many year5 of eXwi￿¢e b)oknny aftw resthntial. off￿& and histgTi buildings. The thming ofprowty traisxth"L￿$ is pbann&J cayefulty to ènsLbre that they do not &¥ve ris• to adve￿ cath ftcMT iSSU8S. The ¥a￿e of the charity's listed instment# is dependwrt on movements in the UK and wortd stc rnarkets. The charity's finanaal posi11￿. It￿elOr•. is eyposed to the risk attached to such investments. To contrd against this risk. the charitys inve5trnents arn managed by reputable investm8nt manager$ who adhere io the inve51ment polw agreed by Ihe Trustees. Repre￿I81￿#S ofthe charity metrt with the invèslrnent rnanage￿ on a rewlar basis to monitor perforn)ance and to dscu$$ the charity's vgsbnont Strat￿ ggrwalty to it reMa￿S apprtwiate- anLI intothg futurg. OBJECTIVES AND ACTMTIES Policies and obleth•s In plannin9 the activilies of ts ch•ity ts the year. ihe Trustee5 have congdgred the gu¢dance on public tjenefit ISs￿d by the Ch* C￿nmIS￿ort. In Comm￿ v￿h the Church of England, thè d￿Se strives to ensvrelhat in every Icral community thwe is a worshipping. ￿elcomIng and serving cc￿9￿gaI10n, working wilh Chrisfians c4 other tradi11￿ and people o15x￿￿11. t••b￿ssing to the transforming pow of the love God as seen in Jegjs. (Ajr *rtteg¢ dor4Ament approved by S￿(￿j In 2021 kg ¢#lled Towaid$ • Flc4Jdshing and Sustaiftablo Fulure 'Changed Live$￿ChangIng Lwes. as its $trap Ine. It conialns the folbwlng vlsrf>n Stst￿ tr ow dKtese: By God's grnee we Wdnt to be a peoplè who WE... ..¢onfident & creative di5capks of Jews Christ rootèd in and (kend1￿ in prayer gratefuty. 9iVDig & sknng the wgl gytiwwig in number & expeclatitins of God t￿ne1¥e$ molivaled by justre & open to th* *iit & ready frf th￿lUTel Thgr8fore V•P WI, ... Canterbwy Diocesan Board of Fin8r P￿e6 Trustws. rnport Ilncory>orthg the stratsglc r•port) Yearended 31 Dewnbw 2023 OBJEcnvES ANO AcnvmES (g￿￿nue0) pol￿0$ and obJectl¥es {ethinued} 2021 "Towards a Fburishing and Sustanable Future" do(X￿elrt cr&iled a BIu4Mint for our stratsgo themes. In July 2023 DIO￿art adopted Thre8 8cthl Outcomes for 2030. whth are aligned to the six national bcAd OLrtcome& Thay an overall dfre¢tK¥b of travot and ar8 us&J to asses5 business cases investhent • Every pwish. benefi￿ and dean￿ of revita1isallL￿. • Doubling the numb•r of CI￿l￿ren and yourKJ • 200 new Chrfstian cth)rnnib8S. Th•re Is a Strateglc Programme Board that me8ts regulaAy to ovwsee Pro9￿$$ wHh our strategy and th15 reports to Ar¢hblshop'3 CounLIl and i8 where imieslment derysion are taken. Framework$ an4 deaneries are th? koy awts al delrwery arnj ch•we. Di(Kesan SYr￿d rKeivg5 regular wwess reports. In addrfion to the Board of E￿￿t￿)n thornvA￿ thr88 frarnth¥orks wilhln lh8 dcKesan organisati)n V+thi supported deanerie5 aThJ parithes in thew mis%on. • and M¥)Isty CtyTmunittes & Partr*sh¥)¥ • Chlklren aThl y￿ng P￿p1& In 2023 the Conynunities and Partners￿"pS Frarre*th cgased to exisl with their ￿thV￿leS tsken over by the remaining framewoths and The Juslice (trmerty Together Kenll. Towards Ihe end of 2022 the Ch4xth c(￿m￿ssI1)ner$ anrK#JncaJ swJnfficant fun(Jiro for the next th triennia (2023 to 20311 for bokj k)ng-term Investm￿ in the rn￿1$try and misslon ofthe Church ofEngland. CDBF intends to apkty for SI￿￿￿an1 fr(￿ this scwrce to enable us to aclieve strateg c4)jectives Grant making polle1•¥ Contrknulions toAxchbtshops' COU￿1110 fuThJ Nabonal Chwch respon5ib4ths are treated a5 grantfvnding. SCA (S¢hl￿1 Condrfb￿l AlhXaI*￿) grnnl fvndirs 15 reccwis¢d a$ inc(xne in the Statement of Financ￿1 Adivili¥¥ wTrth tho related corymitted expe￿￿. CDBF. Ihrwth ths kIss￿)n Re￿￿¢85 Grcw, albjcatss Ihe Church Gjmmisshjners Lowest Incomo Communitsos {UnCI funthng awwd {£835k) to the neethest p￿￿￿e5 in acfyxdalr￿ wilh the Llnc (￿terIa. Heating and hardslup gr￿ts *veavarded in 2023 bas￿1 on need. Weakn make a mtsde5tgrantt￿Wards the Dean￿$ to SUPFMYt thw administrntTh. Canterbury Dloce5an Board of Fma Pap7 Trusts•s' rnport (In¢orporating the slralegre report) yearWhj￿ 31 DecwnW 2023 OBJECTIVES AND ACTivmES (contATh*d) Raislng funds The charity raisès furbJ¥ thrO￿Jh Parish Share on oc¢asim wives 0￿r don*"ons aThJ y￿untsry Ir￿Orn•. It aims to athieve test wactice in the in rt eomnUn￿lè9 wrth parishes. donors and other supporters. ￿ lakes care both in the tcffle of tis cLYnML￿￿ats.0n$ and the accsJraGy of ts data to minirnis8 thè prawres on parishM)nw5. parochial Chu￿ c￿j￿*s. donors aThJ suppciter& It applies best pl￿1¢e to [￿OteCt Ihw data never sdls data. Ét never swaps data and ￿sUr&S that CLxnmunication prderences can ba thar)ged at any b'me. The charity manages lis own ￿l¥l￿eS in respect to raislng funds d does not èmploy the swvices of pfofessM)nal fvThJraisers. Thg charity undertakes lo roact to and nvestigate any cixxplaints regarthng its aCtr￿t*S ￿ rai&ng fvnd5 and to kam from aTrJ improve ils service. Ouiing the yèar. the tharity received no formal ccrylaints aboth its acthAties fix fai￿ng fvnds. ACHIEVEMENTS AND PERFORMANCE Kèy fiTrancial perforfflanc• indicators CurTent year Parish sha￿ receipts rewesent &9.Th ￿ Iho total •PWtioned (2022 - 93.vhl or, when deferred ￿lpts pwious arg incllxled. 90.0% (2022- 94.2%). This shortFall of 10.0%12022- 5.8%) represents £81*12022 - £444k) m c4sh terms. Our aspiration is atrways to LX)Iknt 100% of Parish Share. Review of activilles The dlcttse eC￿lInueS to kne to resource effective missv)n. ministy and growlh throughoLrt ils parishès. W(Kking Deanery PLan5. mory pwshes and dea￿e$ are capturing Ihe vislon for new approochos and new forms of c￿reh vthh r& ￿StoM￿ng gro*rth a￿1 spiri￿al devdopmenl. Wherever possible. arehdeaeofts and diocesan officws closety 7*rith dearwi•s to W•th8nergisè thè Mi%$￿>Th and ministy of avwy pa￿h wth three bG4d oJtr¥rn und8r corts¥Jèratb)n: 11 to OouW¢ the number of your¥J people in our churches across the dioce￿. 2) lo C￿te 2fXJ now CM"sllan Commuruties and 31 to revitalisè every parish b￿e￿e. The det•b of1v￿ tt)is be achieved have be9Ln to be descrited the 16 Deanery ans ￿ere we hoFe to be ablètrl gauge mtye ￿t￿rat￿Y what kind ofxJpF*¥t i8 negjed and where thèra are examples ofg(K#l Kleas workuig. We had an avsrag8 of 113 paid dwgy in 2￿23 and 122 acfve ¥duntary Real•rs at the end of 2023. Our Canterbttry Did provKles a rolling FYc4ya)¥Mfor am ow*with L•adafship. Missth and Pastoral Care being the three masn e*nents. In 2023 we have continued to prcNKlo lim* and resp¢msfve safegu*rding suppwl and advTh to clergy and their tèams across the diocese whKti indudes 2417 ¢￿t of hr￿S supm forthe dictese and cathèdral vthIGh negatos th8 n¢8d for dirxes8 to C4)mn*sslon an extemal agew lo prov*Je this. This helps to provide a responsive and preventatNe safwJard*)g MIter￿liOn. Wa also t￿dl￿d ovar 1.195 DBS IDisclosure and sery￿e) checks. whth cLmIntr￿ t¢Mrds kwlng our thklren and vutnerable people safe in our churthes. We hekfj Annual Safeguar(Sng c0nfwe￿e ￿ partrwship with Rochester Dic*ese whlch saw 220 delegates furthw mwng the ￿ltUre kn the dictese of being one that is as saf8 as St can bg tprith an emph￿$ on prwonlmx. As 3 5erv*x we have adapted our ways of worknTrJ. making fvll use of the ttthndogy a¥￿lable to us so that we we nimble ￿ ujr approach and resp(￿SiVeneSS vknich has induded the introducllon of regular Netsbyxkn'ro Me&ng5 for our P*ish Safeguarding Officers over zoom. Canterbury DlrKesan Bc*rd of Flnar Page 8 Trustses. ftport IIThcorybornlsng 1h• str*i•glc r•port) Year ended 31 Dgcember 2ff23 ACHIEVEhlENTS A140 PERFORMANCE (o)rtinugJ) R•viw of aetiviti•s {certinued} Our W1s5ional Leaming Comunitiès and t)eawy Atafj￿ LewnkvJ sets conllnue to brirYJ tO9trtr*r 9￿pS of Christians from C1w￿eS across the dhxese Icw)king to chang9 the cultwe and lay loundations for We continug to 8UPFat wr I))ffrfroJn￿eS through a wth range of parlnerships ￿th othgr organi$3tion$ induding our work Refw Ihis year have seen a ￿9ft￿c8rrt influx of families fmm Ukrdinè. Indivhduals. home5 and diocesan acceKnme4Y8li￿ have been used under thè Govemment 'HDmes for Ukraine, inittstjve we have an addit**al paid Ukraile speakerto hdp us ￿5P(w￿l to this na•J. Wa provide online wayer resour￿ kn thd1v￿ and parishes tffnging toJgth8r 8 prayer dlary Seasc￿81 prayws. readings relbctk￿￿ Tl* of mini5ty b ch8ngiry as ￿d#ll￿d cle￿￿ hèjp &]LVP and ènabte ts ry¥nisby of everyo￿ to ensure the Churth is a Monday to Safvrday Chu￿. 8s a5 a Sunday Churth and is sustalnablè b)to the fulwe. The knpa¢t of Corona￿luS (Co¥i&191 h&s pn>vKled I￿￿h￿ inwetus to ￿lmagIne mSrastry. Covid-19 CovhJ-19 had a gbba iiwt In 2020 ¥Tr12021 Ixrt altl•xgh sbll wasent kn 2023 Its d5￿* impactwas less in 2023. The diocèse receivgj 83% of ffts ￿GU￿j lmrestii￿ i1￿me lexdudiig the £87k gains on propety dis￿￿alS) frLYn Parish Share. which is a voluntsry paymènt frorn parishes. Th8 2020 revtew of the Pgri5h sha￿ Method0k￿ r•eon￿￿ed no changètothè eurr8nt eakulatM)n methoddogy. However. to simpl the methodology and wovide a 'le¥el playing field" cclnplexrties gjch as lirTht(ng Ir￿reSSes or d￿reaSeS to a certain F•¢¢ntage P￿Iding di%ounts Icf •arty were in 2023. The Chureh commiss•￿ersalc￿te kwest in(a)ff* communty fundlng orants ILlnC grants} to Ihe pocTrst dio¢eses and CanterTr￿ry r￿Ved a grant of £834,917 in 2023 {2022- £846.6361 The diLKese recorvgd an althatkn frc¥n ￿nefact Trust of £112.875 In 2023 (2022 - È129.WO) whlch supports our dk)c8s8n slratwc pr0￿C COBF sgeks lo invost its fvThJs for the best pwble financial retum con5islent wrth rts risk appdlte and need for divwsrFr8tion. The Thiestment obiec*vefor k￿9 term fuThJs is to gerwate a minimum rètum of S% in excess of inflation. as rnèaSU￿d by the UK Consuw ￿1c0S lThJei The invesbnent obj8clive for shc¥t-tem and medium4ern resèjvès is to presw¥• the raal Val￿ ofcapitAI. mlnlmise risk and L*tain the best awailable re￿rn ¥•ithxi Ihgse risk ￿￿$trainI# CDBF has •JOpl￿ an ethical investrrKrt policy ￿1th foll￿ th• ethKal Investment advti givèn by th• Chufch of England Eth￿1 In¥estrNnt IEIAGI to Iho Nallonal Investtng Bodles {NIBsl'. Ihe Church commiss￿or$ for ErKJland. the (*Lbreh of EngLand Pen&ons Bo¥d and the CBF Church of EnglarKI Funds (rnaft￿ by CCLAI. An improvemenl In invostment in 2023 reAAted in ￿ Irvease ¥1 thevalue ofour investments 01 £311k ¢cKnpar&J with a dec¥ease of L846k in 2022. TIMS has regjlted In th• value of (￿r listed in¥¢slmènts Intteastng ts £6.4m. Cantwbury LIKts￿ft Bowd ofFinarKe Paga 9 Trust￿. roport Oncorporaiing the slralegl¢ r•port) Yearended 31 Oecember W23 ACHIEVEMENTS ANO PERFORIAANCE (￿nu￿} Invesbnènt policy and perfonnance (C￿tinued) The Ilsted Inv￿trnPnts are hdd in fybr) thys at CCLA The [w[￿rna￿ of th8 CBF Chur(* of England Inva5tmtrnt FuTrJ on a total retwn basi5 vras 12.51% f￿ the year against the cornparalor benchmark of - 13.28%. The perforrn￿e of the CBF Chuff* of Endand Property a total rntum basis was -1.19% againsl the ¢¢)mparalor benthmark of -2.38%. The portfdio$ 8re reviewed with CCLA Investment Management Llmited avery yw. InvesTrnts hèld by the 8oar ￿dUded n total fund5 are restricted lunds totslir#J £2.2rn {2022- Q.3ml. These monies have either been ￿(sed for, 8nd Ihdr use restrictgj to. s￿1￿¢ piKpctses orthey comprise donat4￿5 subjerato donor. imposed c0thlrtky￿. Further details ol the* reStrKI￿ fund5 f¢Jund in ￿10 20 to the ffin?r*o1 stat•ments togth¥r￿1h an *alyw offt￿rnents in tr* yw. Funds totalling £29.4m12022 - È162m> have b88n dwnaled by th8 Trustaes for specfft kXJryK69S. These purposes and an anaty￿S of th¢ M￿￿[r￿ts M the fuftds ¥re set out n note 20 to the financial ststements. The Trustw are •vare that m05t of the designated fund5 art fore5ented by minÉsty housing. G&n¢ral fvnd5 lindud￿g n¢?n-thar1tab￿ trading funds of £112k} totsl £5.310k12022- £5.394kl. Reser¥•s pollcy The Board's pokcy Is to W 9gnw* rnsw49s to *sure tha￿101 stabllity should thgre tv gn unplannod fall in and to lake irlto ae¢ountthe timing of in¢tsme. In 2023 th1$W￿ld r•quire gon•ral reserveSofbefv￿eft £1.4m and £1.7m. Atthè gnd of2023 the Boarrf5 weral reserves. were£S.3m12022 - £5.4ml. Free I￿￿rY¢S (i.e. gxduding fixed awtsl Iwe Q.6rn at the yaar er*l. Given the challengès CDBF may face ift tl* frrtU￿ rt is ¢widertd that this ltrvel of rnsèNès 1$ reasonable and wil enable CDBF to fvrlher its stratsgic ob￿￿¥8 ofgwng Iho Kryjom. Canto￿Ury D#X￿n Board ofFOna pa￿11 Trustets. report [IncO￿￿rating th• stratrgic r¢port) Year ertded 31 December 2023 FINANCIAL REVIESY (continued) Goino eon¢¢rn The Truste*5 have ass¢$5ed use ofihe ￿1r￿j assumpt*J) is appropriate n preparing Ihesefinan¢iJ statemenls. TheTnJstees ffAde this assessrn¢nt in res￿ to a wiod of at lèast one year th8 dale ofappyoval ofthese fina￿la1 Tru&*$ have Co￿vded that Ihwe are no malw￿1 urKwtalntles related to events or condi￿On5 that may cast siwthcanl doubt ability ofthe charity lo o)ntinue as a going concem. The Trustees are of the opinion that the charity will have sufficmt rnsrwrces to Meet rts liabilities as they f￿1 due. This is because the ¢harity has sufficient cash. In adort1￿, the chanty aLso hobgs investm8Trts whKh ean be realis•d In thè short term to meet liatilibes Sh￿￿1 a shortlall in incomè arise. In addffj"on, the charty has designated reseNe$ of £29.4m, induding £27.9m designat&J for minW housng. If necessary. som8 properties could bè unde>gn*d and ￿1￿ to any cash fkyw sh¢yifall should this be D￿sSary in the methwn t￿. Fc* these reasons the Trustees to &*¥é Ihtr wiTh3 COn￿M In p￿parift9 Ihe financial statèments and have ccrfKluded thal ther• ar• no mat8ri31 U￿9rtaInl1es related to ovonts or wndthons Ihal may cast ￿gnI￿1 dwbt on the abilty ofthe charsty to Ix)ntinue as a going co1￿. Pay policy for senlor staff Swior Clergy are pwd acccyding to stpend scaks set by thg n*itsn•l ¢hU￿h. Tho Sli￿d$ forth& 6lsh¢Jp of Dovw and the hn*deaCI￿ of Ma*Jstone lin lieu d the unused Bishop of Maidstone post) are bemÈ by the Churth commissi￿er5. The slipend of the Axchdeaujn of Canterbury Is txYn8 principally by Cante￿ury Cathedral. The Siipend offv Archd￿ ofAshford is b￿e by CDBF. CDBF uses a system oflcè evaluation to grade staff approwiatety. S818rEs usually ￿c¥eaSe each yew to flect than￿ in costs of living. affrydabkn. al levels set by the Senior ManagerrffjntTeam. The HR Comrnittee f(Ymalty ￿[eeS the approwiate cost of INing uplths in thè light of Ihesè variables. Individu81 Salary reviv￿5 are set by Ihe HR Commrtlee Whe￿ required who consNJw salary rgcchxmeThJatN)ns by Departmental Directors. As well as the evaluabon framework Ihe HR Committee considers th• local market in t•m)s of benchmarknng salaries lo ensure staff are paid a fair wage for fair work and as such s*aries may mve with 1118 thrrAxghwt the year. All charw to senirA staff are set independently from the Senior Managemènt Tèam by th¢ HR Committee. Kèy managpment persc￿ne1 are defined as thè Trusio9S tog¢thor wlh thos8 employees listed in note 13 to tho att8¢h￿j financ￿1 statements. PLANS FOR FUTURE FutuTr de¥¢l¢pments The Ar¢hb15hop's Counal WIN conlinue to usè the strategy document Yoward5 a Fknirishing #r Sustsinable Fu￿re. with the strapline 'Changed L￿e5￿changIng Live5, to develop the deafi¢￿ Iwal •xpr8$5ions of misS￿n actlon plannlrvJ thrw a themed tèmF4ato ￿11 cr8018 a dwery plan in each $anery. The Council will look to &cess funds m&Jè avali aNe to tyjr dic¢ese to 5UPPOrt our chur¢hes to growand thvse (leanery planswtll be vltal in linkn.ng thal n8•d withthiswd•r resourc•. W•hav&a Strategic Prowrtrnrt Board that overseos prow on exh as f￿dIng streams project trf)ards or th•tr equNalent will be estabiishgj. We *e 8xpkn.ng th• *dyS diffwant churchos might b8 lod in thè fulurg wih 'less paKI - IAEII trwned leaders. lay and orda"ned' being ￿ amt¥bon. This mixed ecology of Ioadwship sekcI￿, thr¢JNJh training to depjoymnt is gradu￿lY being ap￿lad. Canterbury tAoc*san Board of Fiian¢e Page 12 Tiiist•es' report Uncorporating the strat￿¢ r•pwt) Year end￿ 31 tknmtw 2023 FUNDS HELD A5 CUSTODIAN TRiISTEE ON BEHALF OF OTHERS Th• Bo¥d acts as cu￿c￿J13n Truslee ￿ Tesp6¢t of tru*s adrThni51wed w behalf of managing truste￿. whith indudes 1r￿uMbents. chLrthwArdens. Par￿￿￿ other organisa1ions of the di(t6se. In 20C¥J the Board arTanpJ f￿ Ihè Cènlrnl Bowd of totsks overthe adminlstration of Investments held on behalfofparishes. except f￿ Endowment Funds. The P*)ard is still &lministw?ng inveslments with a bwk valu8 ￿ £2.8m {2022- £3.1m). Th# assets of th￿ funds are hdd separatety from those of the Board. TRUSTEES. RESPONSIBIUTIES STATEMENT The Trustees (who are also di￿10rS of cantert￿ry DKKesan Board of Finance for ihe purposes of crJmpany lawl are respon5iL4e for pfeparingthe Trustees. report aTrJthefinan(>al ststements in accordance with aP￿1¢ats1e law and United hfj￿jorn Acxwnlin9 Standards (United Ifjwom Generalty A￿eNed Company law reqwres Ihe Trusteesto Kw*financral sta1¥Th￿fOr•ach financlal year. Undercompany law the Tru51ees must not approve the final￿la1 statements unless th8y are satlsfied that they give a true and f8ir view of thè srat8 Df affairs of the charity and the and of the ineomè and expenditure of the group fc¥ that In pigparing these fironcial stat¢nwts. the TrLthe5 gr8 ￿qUIr8d lo: selBCt 5uitsbte acc(¥Jrtlro pdictes and thw ap￿ them (￿nsistent￿. observe the methods arKI prirtp￿s in A¢ctyJnting and R•portin9 by Chariiie& Statement of Recommended Pradice appJ*ablè to L*willes p￿Paring th￿( account5 in xcordance the Fimncixl Reporbrb3 Stsndard ¥>plKable in the UK and Repu￿￿ of IreLqnd (FRS 102),. stata WE￿ applicabl8 UK.Accounting Stsndard5 have been followed. subje¢l to any matorial departures di5dos8d a￿1 explalned In the fina￿181 statwnents,. and prèpare the finanual sfaternents on the COr￿ern basbs unless rtiSYWPPff•T*lelo presumgthatlhècharitsblegroup WIM c￿lin￿o ¢sJeraticn. Thè Trvstees are rwons1￿8 for keeFlng adwuate accounttng. records that are sufficiert to •d explaln the charity and the group's transath.orts and disckw with leasoftab￿ acrjjracy at any time the finanoal position of ihe chanty and and wable Iham to ¢n￿re lh* Ihe financlal statemgnl$ wnp wlth the Cornpanies 2006. They are also rès&￿1&bl* for safeguardins the assets ofthe ehanty and the gwp and hence fcy tskiThJ reasonable #sps for tha pre¥￿tion and detection of fraud an(J other irregulwlues. c￿terbUry Dlocesan Bwd of Flnan Pag8 13 Tnotees. report {In¢¢xporating the sliategic report) Year wKled 31 December 2023 DISCLOSURE OF INFORIAATION TOAUDtroR Each of the persons who are TrLrst885 at the when tlis Trusto0s' r¢pc¥t is approv&J ha5 confirned so far a5 that Tmstaa is war8. th8fO is Th) ro1o¥anl a￿lit information Of￿5th the thwitat4e 9roup'$ auditor is unawa￿. and Trust8e has tsken all the steps that W9hl lo have be8n taken as a Trust80 In order to be aware of any relevanl 8ui*t inftymakn and to ¢48￿1$h that the ehaiitable gr¢￿p.S auditor is aware of that trrnatK￿. AUDITOR B4Jzzacott LLP was reapponted as statirtory ￿dIt￿ on 4 Juty 2023 and has indicalod rfs wllingne5S to Continue in crffice and a resc4ution FrfDFQSVW its rewnknwl vrill be kxrt to the Annual General Meeting. This report. inC(￿p0A1*79 Ih? Strai•gtc Reprt was app￿ed by Trustées on l June 2024 and signed on their behallorilFsepttyThber 2024 by." AntI￿nY Richter Trustee Cantsrt*wy Di0¢8san Botrd of FinBrte Pa9• 14 Independ•rt audltorfs IEPQrt Year entsJ 31 D￿8[[￿￿)y￿3 Ind•pondgnt Audito¢s R•wt lo the Mwnb•rs of ca1rt•￿ury Diocesan Board of Finance Oplnk•n We have audiled the ￿anc￿?1 statements of Canterbury Diocesa) Board ofFinance lthe'charitable parent cornpany ) and of Canterbury DKJcesan Board ol Fmance and its subsidiarie5 (the '9roup'l for the year ended 31 Do¥￿ber 2023 Ihthfjch comprw the c¢)nsoJidated Stat￿nt of ffinanual xby￿e5, the lidated summary incrmne and expendiiure ￿wjnt. the consokrtjated and ¢h¥ritable parent ¢ompany balance Sh￿[s, the consdhjated statem￿1 of cash It￿*s. the prindpal accounb'ng Oici?5. Ihe notes lo the fina￿￿ Statem￿lS and Ihe apP￿dices. The fina￿la1 rewting framework that has beefi #pp1K￿ in Iheir preparation rs law and United Kingdom A￿OUntIng Stsnd¥ts. indL*Jng Financial Reporting Standard 102 The Financial Repthng Standard applicatrAe in the UK •KI RepublK of Ireland, Iuniled Kingdom Generaty Accept8d fv£C￿nting PractK4}. In tyinkn. the finants81 • gve a true.and fair of the stat8 of affaits of th8 group and Df th• clwitabje parent company as al 31 D￿mber 2023 ofthe gr0￿'S and expeThJiture forthe year then ended., • hav• b8•n preparnd kn wilh UnKed Kiffjdum Generalty Accepted knounléng PractKe'. and • have b•tA) prèpared li a¢cOthn￿ the wuir¢ments ofih¢ knpanles Act 20Ch8. easis for opinlon Wè conduded our autht in vriih Int•mati￿oI SlarKlards cm Audltlng (UK) {ISA5 IUK}) and ppkcable law. Our respOn￿bilitieS under those standards ar• further descrJ)ed in the auditorfs r8sponsibAitKs for the audit of the financlal Slatern￿lS sectm of our rep)rt We are indepgndent of the gYaUP in accordancè wilh the elh￿* ￿qUKeM￿ts thal are relevantto our aLhgit of Ihè firFancial statem￿t5 in the UK induding the FRC'S Ethical Standard, and have frJtfillÈd our other ethical responsibilitie5 in acc￿dance Mth these reqLwr•m8nts. We bdiEve Ihe audit we have obtained is sufficient Cofft¢lu¥i0Trs rel￿1Th0 to going concern In auditin9 the finana81 statements. we have CO￿￿ded that the Tntstees. u¥e of the 90inu concem basis of aeeounfFng the prÈparatk)n of the finanoal Statern￿lS rs approprmts. Based on thovKN* we have pthm9d. ￿ hav• rnt xlentthed any mat￿1 uwtawrties T9￿￿n9 to wents or conditi)Is that. indNIdual￿ ￿cOl￿ti¥dy. may castslgnrf￿aTrtd￿bt on the ￿0UP and Charrtab￿ parent company's abqty to cont(nue 3s a going I)￿C¢M lor a pwknd of at *a5t mL)ntrs from ￿en the financial statements *e aUth(Y￿ for iwe. Our rasp￿Sibl1tIes and Ihe res[￿ibIl￿teS oflhe Tnjstees *fyth respect concem are dexrlbad in the relevant sttliMs of this r8prt Othef Informatlon The Tru&ees a￿ reSp(￿sibl0 for cther The other inknnatth ¢>)mprises the information induded in the Trustees. Reptyl al￿ Financial Stal¢mwts. cther than Ihe ffinanaa statements aThJ our auditor's reporttherel￿. Our on the fvwiaal statements does not cover th8 other infomialion and, eX￿pt to the axtent otheThvis• expl*>liy stsled In (wr reptrt we do nL* oxwess any fomi of 8ssuranc Cantwbury Dietssan Boardof Fkna￿8 Page15 In(lepend?nt auditorfs r•port Yw onded 31 Decembts 2023 Oth•r Informatlon {¢MliNwJl In conrxtion wrth our avtht ol Ihe finan¢ial *alerI￿ts. rssrthisknlity 15 to read the other infcymatlon , in doing so. Cortsh￿ér whethèr thè ￿her Ktsmation is matériaty I￿OnSi$lent Mth the financial statements ￿ our krwxvbdge ¢èt8ined in thè audit LY fAher4vise appèars to bè materialty nNsslated. If we identify suth material WTCLX)SiSterLies c¥ awjarènt material misstatemerts. y￿ are required to detamine whelherthere Is a material rr*sststement in thèfina￿l8v stgtements ora material missiatement of th8 olher infrffmation. If, based on th• V•tyk we hav• wfc%med. we Cond￿je thalth8re ts a material misslatem8nt of this othw informatic￿. a￿ rewtsj lo rewtthat fa¢t. W? have nothing to report in this regard: Opinlons on other matters prns¢rfbed by the CompanSes Act 2006 In our opini￿. based on Ihe work ￿￿￿tsken in the wjrse of the aud • the information given kn the Trustees. rep)n. vknt¢h Is afso a dYeclNs' report for the pu￿OSe9 of company law and Snchjdes th8 strategk r•wt, forlhe ffi￿an¢￿ year forwhth the fffianwl statements are prep8red is ccnslstent the Itnanoal stateme￿. and • the Tru5tees' reprt is also a directtys. repjtlorlhe purposes of company law and I￿l￿deS th? strateglc report. has b88n prnpared In acu*d*)eè wth aPp1Kat￿ legal rewwemerts. In tho light of the kncAwle¢lge and undwstaThJirvJ of the group and Ihe charitablè Pa￿nI company atyy Its enwronment obtain&Y in the course of the a￿jit. have not ident(*d material rThsstatements in the Trustees. report ￿￿UdIng the strategK report. W¢ have nothing to repcrt in respect ofthe fdlcA¥(ng matters in relat#)n to whth the Companw Act 2006 requwes us to ret*yt to you if. in OUT ￿lfil)n.. •aequate accounting records have nc*beenkeptbythgcharftable parert cofflpany. orrelums adeqvala for our audit have not be￿ received Imm branchès not vts¢ted by us: or • the ¢horltable pargnt crynpwsy ￿n0￿1￿1 stalen*￿ we in a9reern￿t Mth the accounling records and rèturrts: (y • certain disc105ures ofTwste¢s' remuneratitin SFetsfied by law are not nBd*'. or + we have Th)t rttdved all the ar*J èwanathjns we requirefor aulfit. R•sponslbilitles of Trust••s . As ewained more fully in the Trustees. respMibiltiies statement in the Trustees. report. the Trustees (who arts aLso the dir￿ of the Fwr8nt Ch￿itatI￿ ¢otry)any fw the Pufposes of company lawl ac reSp￿sIble for the preparation ofthe finarrial statements and for teing satsfied that they grve a true and falr vw. and tr such intemal ¢￿trol as thoTru4eos determine is to enable the prepaTath)n of ancMI stslernerts that are fre8 from materAI n￿SSIal￿MenL *thether dueto fraud or error. Carterbury Dktesan Bo*d of Fln Pagg 16 Ind•pondent audlti*s report Year ended 31 Oecember 2023 R•sponsibilrties of Truste￿ 1¢t￿t￿uedl In preparing the finan¢d ststements. the Trustees are resptsnsble kn 8sse55ing the gro￿.$ and the ritsble parent company's abdty to conlinue a5 a g￿n9 concern. Llsdosing, as appficable, matters related to g)ing CWC8m and using the going C￿cern bass of accounting unknthe TnJstee5 ￿ther intend to l•]uidate the group or lh& ¢haritsble wenl oynpany or to cease opwatkMs, or have no realistic artofnativg but to do $0. AudltorfB responsibilibes forthe audlt of the financAI statements Our objectives are to obtsin ￿8$Onable assurnnc• abtyjtvthethèr Ihe finanual stat*nents as a Who￿ are free from material mi5ststemen( *thether duetofraud orerw. and to issue an auditors repjrtthat includeg aur OpinK￿. Reag)nabl& assuranco s a hi￿ of aswran¢e but 1$ not a guorarrtetr th81 an audit conduded in accortsnce wsth ISAS IUKI wdl aws d•t•ct a m8t*nal misst8t8mènt whèn it •￿sts. Mlsstatements can arise from fraud or errorand arE Cons￿Or8d material rf. irKfjividually or kn Ihe aggregate. they ctyjfd reasonably be exp￿ to Inf￿1Ce the eCor￿M￿lC thctslorks of users taken on the basls of Irre9ularibe5, induding fraud, ara instances of Tr)n-Wnp￿a￿ with laws reswlatK*ns. We de￿9n procedures in line with ujr resp(msitslib•$. 0￿￿1ned abffi. to detect material misstthrn8nts in r95pect of Irregularilw. induding fraLKI. The exterrt to ¥thich ￿Jr p￿dureS arn capabl& e4 dètecting irrggularitlg5. *ichJdlng fraud 15 data1￿ b¢low. r apwoach to Klenlfwng and assèssing th¢ risks crf m*wial rnisstotsment in T8SPOCt of trregularities. including fraud and n￿-c(*nPIonce and regulations. was as f¢4hx&" • the audt partrw engjred tho1 tho WLg¥gew￿t team cowivety had the apwowbate competence. capabil￿eS and skhls to or r8eognisè Mn-ccffip]k¥*cè with •p￿1¢￿e laws a￿1 regulatk￿. • we Sdentlfi•d the tawrJ and re￿￿tIOnS ap￿¥¢able to Ihe d￿rI￿￿$￿ ccxnpany through discus5b￿S With • we f￿￿ on speufK laws rewlalions we consdered may have a direct rnat￿al effect on thts fmancial slatwnents or the owalb)rts of thg tharifabke company, I￿￿dIng the CharitY&5 Act 2011.. the C￿npanIeS Act 2CI)6: Church AssemNy #￿1 G￿e181 Synod Mea5ures', aTrJ saleguardin9 • assessed the extent of cornpfiarts wilh thg arKI rYAati￿5 l￿ffied above through maklng enquiries of m3rwent', ar*4 • Identi￿ laws and r8gLdalv)ns u%nm￿aIed *ilhin the aud6t t￿M regularty and th8 le8m Temaned althl to ir%tarKes of nmvccYnpliw)ce tIW￿jgh￿l the aLth. Canterbury DtOC8san Board FI￿¢8 Page17 Independenl auditoes report Y¢ar end&J 31 Decembw 2023 Audit¢rfg iesponsibiliti•s forthe audit of th• financlal 5tal•m•nts {ccrtiroJedl Wo a4ewd the 9Jscepbbilty ofth8 charitable company's ffinan(#al statements to material ml$statemen( cluding tsbtsining an uTrJerstandng of hcw fraud mKJht ¢￿￿r. by.. • mthng enT4Umgs of management and representalive5 of those d)arggd 9ovemance as lo where they eonsidered t￿e was susceptibilty to fr8LKI. Iheir kTh￿￿edge of a¢tual. su$￿ted and alleged fra￿1". and • con5iderlThJ th• intwrof contsols in to rr*We risks of fr￿d arwj non-complian￿ wilh laws and regdalhjns. To 8ddr¢ss the risk crffraud tlwwgh rn￿agrnt Èlas ar￿ ovenmle ofojntrols. we: Pgrformd anatylical prc¢edw¢s ts idefttfy any unuwal ty unexpec*d finanoal rd*w)nshi)s: • lestedTr)umal entn.es to idtth unusual finartial trans#ctx)ns: • assessed vth8th8rjudwEnts and assuMptw￿$ made in determimg the a￿nt￿l9 estimates 591 out the ￿￿1#19 polties were aidi¢abve of bia& VSSti9ated the ratsc￿al0 behind swknt LY unusual finandal tranSactkm￿. In ￿$[￿se to the of W￿ular￿1•s and ncffi￿ities. This dewipb.on forms part of our aud￿5 reFrfJrL Cantsrbtvy D￿c￿n Boawd of Fina Pagg18 knd¢pendert au¢frtoeg report Year ended 31 Decembtr 2023 U¥è of our report rhis rwt bs Tnade soletytothe chaiitableojroarrfs membw3. as a trfyty. in accwdan(*YAth Chapter 3 of Part 16 oflhe CompanEs Act 2006. (￿r a￿11 been undertaken so that w• nwght statè to lh8 charitable c(xMpan￿S mernbefs those mailers we are wuired lo stsle to tlw in an auditofs report and for no other purposo. Tg Ihe lulest ¢xtwrt pemitt¢d by la. we do not axspt C* ossume reSpOn￿bIlity to anyrx)• otherlhan IPK* ¢haritsWe company and the tharItsb￿ ¢¢yxpan￿s members as a t¥)Jy. for our audit Catherinè 81s￿0 (SeniN SIAtthory Auditcff) Fcf and on behalf of 8uzts¢ott LLP. Statuttyy AudTr 130 Wood Slr8et Lotwjon EC2V 6DL 24 September 2024 CanterbLtry D**esan Board of Finance Page 19 Con$olldat•d statement of flTranclal actlvlties Yearto 31 D¢¢ernber 2023 Totsl Tot nds 2022 rooo lun ro funts ro 2023 £y)00 rwo In¢ome and •ndty*monts ftc*n.' Donation5 grants Charitsble a¢￿￿￿tieS 0th8r trathn9 au1￿1•$ Investments aTr1 Inler•5t Olher sources Totsj Incom• er#lowmn¢S 8,850 1,772 92 419 9.562 1.699 139 252 1,530 13.1%2 4974 2207 37 11318 expondllur• o Raising fun Charrtable athities Tolal ¢Apendilu 205 205 11,631 213 .1.1.381 2.374. 10 9A16 Net lexpendilurtl incofft bEfo￿ In¥eslm•nt 9alns Ilosstsl Net gains I1￿$￿$) on Inve6¢n￿ts 14421 137 1161) 191 16181 2.934 1.588 11,001) 16 t{•xpqndI￿r0I b¢forn transfv Trar6fer5 beh4w fvn¢$ 14et Income lexpendilur•l (or ltr• y•ar 2,720 113,427 110,7071 1316 587 13,4ri 13,122 1316 567 Other r•cDWiSed goin5 and 105S•S: Gainson revaMAIN?n of fvnd l¢NitsS {Losses)gar6 on revau￿[￿lS oTiafyiAe fiwj 136 15 140161 14.lJ161 Not Mobw￿nt tn funds 11122 1147231 {1.700) Raconclli*ion of fundB Total fiJnd5 brnu9htfoTh¥*d TO￿ fuThls c*rtod fryw•rd 2,318 78.149 63.426 101020 99.477 1tr2.020 X675 l activlies rdate to conti￿1ng cyeratkns In b(th thè althè fffiantsal yè*9. Thg unrestsiraed knd cduffln aix)ve (yjmwises bcth 98rnral funds and d￿gnated funds. Delails of th& analysis ttheen these fijnds can be knjnd in note 20 lo thw finan¢ial ststements. At 31 D¢¢ember 2023, geneRI and non-ch8ritsble tradirwj fijnds were £5.310k12022- £5.394k} T1th￿st designated funds (many of whlch rwèsènt ministry h)ugn91 a￿￿ted lo £29.4m {2022- £16.2m) Canterbury Dlocesan Board of Finwr8 Pagè 20 Consolidated summwy Income and expenthr• Yearto 31 Dee*mbèr 2￿￿8 2023 2ffX2 £'ooo £'ooo 11.181 (11.79LII 13.168 (11.575). 9ans 108598 Netg&ns IIc65e51 M Thesi 100•1 1.593 {3101 11427_ 13,023 14et Inc(￿lOrf￿￿kn1 y•4Y 1,283 The In￿Me and expernknaccwrrt S9(lthed frryn thestatementof FU￿￿alActIvItsesw1lh Thh)vements in 0nd(y•m￿￿ fuThJ8 excl￿ to wlth Law. Al aciNiOes rolate to ￿)tinU1)g operatlor*. Canl•*uryOb)L￿aft Bo*d ofFinar Pagg 21 Balance She•ts 31 Deeember 2023 (>oup 2022 Ch￿ty 2023 £'OOD Chwlty 21Y22 2023 Flxed ass¢ Tal¥￿￿fiXed a55ds Investrnwts 15 16 B5.087 10.623 .710 85.097 10.624 95.711 8B.094 8.020 96,114 8.019 9&113 17 1.571 7.870 9,441 1,303 6,723 C&h ai b￿k in hwKI 7.019 1.307 9.145 Creditors: eATh)unts falfir¥J y Net wrrnnt 18 {2.919) 2,756). 6.685 .12.8 5.149 (2,714 6,431 Toial a88•ts less current IlabllltlÈs 101,098 102,798 11x1.880 102,545 CTrdltors.' ¥tKwnts lalng (ts *r mre 11 ye 19 (7781 1ty1.320 17781 1￿2,020 1778 100,1)82 1778) 101,767 Fund$ 78,149 2,318 78.149 2.199 Restrided knds Unr85trKted fiJr*ts . CJesign&ed fuThts . G￿e￿IlUnt . kn-tharitat4e tra(fing fLW Tol&l f￿￿$ 1219 2.1116 16.159 29,365 4185 16,159 5,2fj0 5.198 112 102.f120 11X).320 1fy),1)82 101.767 The fina￿Tal statements apwo¥¢d by thè Trustèes on 1 Juno 2024 and signed on their b¢haK l ?Septemb8r 2024 by: Trust8 . CX)11%SO Canterbury Dlo an Board of Fwiancè Pap 22 Consoltdat•d 5ta¢em•nl of eash floivs Ywto 31 D￿eTrts 2tr23 2023 Nd cash Ltsed in 165¥ 1130> 419 5.015 1621 5,221 rth8se ofl•¥itrAe fi￿1 Met ¢a5h {u5ed In) prowhJ¢d ty In%*sbMrt*ll¥ll** 11981 {1,971} {1.9711 Net cash used In Ilnanciry xO¥ltles CharrfJ8ln cash aryl cash in th8 yg¥ 3.120 4,7 7.870 7.019 Re¢on¢lllatl•n of net Income for the y*•rts net Cash (used In) generated ty opeming a¢dvitieg 2022 £'ooo rooo 1310 Adlusknontfor. 21 {￿34> 1419} IB5) 33 1.001 12681 11,5301 12031 {3611 611 11301 IGairtsl1038&8 ￿ nve5tin Galns on fixwj assel Ptrtsions adJ￿tment Dery￿ lin¢Jea5el in del)ttys Inrxea5e in U*JitO￿ exdLhliTr3 1)ans ￿ pern Net¢aeh us•d rn oper•tlnq xti 163 1655) Anatysls of cash and cash ewlval¢nts 2023 £'ooo £'o Ca8h at In h*¥J 7.019 7.870 CaDIe￿Ury Dhxesan Board OfFina￿e P8ge23 Consolldated stat•rn•nt •fcash Yew to 31 D¥c*nbwW23 C. N•t d•bt 2022 Cash ffohvs roco É'CQD 2023 eooo Cash and caBh 1851 7.019 Debt *ilhn on8 Dqbl after￿ y (145} irn} 1¥231 11451 Total 6.947 1851 Cant￿bUry D*xesan Bowd of Flna Page 24 Princ1￿ accountin9 pthi¢8 Yw ended 31 Dec*rnaw 2023 Basls of a¢￿￿ntI The princjpal accounting OKies a*)pt8d. JUdg￿￿￿ts and kty sources of e51irnthn uncwt¥lnty in the arat*)n of the finan￿al statements ara lawj LMJI bel(￿. Basls of weparntion Th8$¢ financial ststem8nts have be￿ ft>r the year to 31 Dgcgrr&>w 2023 w&ith compar*ive thformth.on m*aed for the year to 31 DeceThthr 2022. The finartia ststern￿ts have W wep￿1 urmjer the h1&or￿￿ conwtth ￿ ilems recognis at cost or transactlon Val￿ unless cth•Ms¢ slated Mi the reknant 8￿nting ￿￿eS below or the notes to these financial $tst¢M￿ts. The financial staten*nts have be•n prèpared in accxirdance ¥￿th Actounfjng and Rep￿"n9 by Charities.. stst8m8nl of RecunrnerKled PractKe athicabje to charityes thwr accounts in acetrdance wth the Finan¢Fal ReFKxting StsrKJard applKable in the UK and Republ￿ of Ireland (Chanties SORP FRS 102), tho Finawal RewbrwJ SlorvJ8nJ 8Fvlicable in tho UK RepU￿C of Ir¢f8rKI IFRS 102). The ffinand813tatements have been drawTr up in ￿y￿anCe the req￿re￿nts of Ihe Companies Act 2006 tx¢ept bvhere the special nature of the Canterbury Diocesan Boartl of FinarKe's operatTrons has qulfed adaptatkn olthe fmnats a$ Sttdron WS). The tharity oon5trfutes a publrc ￿etrt entty as defined FRS 102. Thè *norKial siatements are kKeSen￿ In St￿n9 aThl we roJnd8d to the near85t thwsand pounds. Basls of con¥didatityn The ffinanryal ststemènts ¢c￿sO11d8te th& acecAmts of Carte￿ry Di￿￿an Bowd ol Finance and all Ils sUb5•JI￿ un¢Jertaknngs (￿b5￿j18[1es.). The charity hasfrak￿ advantsg8ofth8 èxwTrptw)n c£￿13￿1¢1 within Sec1M￿ 4089f￿c0m￿anIeS Act 2006 )t lo present its cr•m knccrfne expenditure account. Gross income of the charity of £11,211k {2022- £13.038kl and a SU￿bJ$ of £2,3￿k{2O22- £454k) has b8en d&alt wI￿n the xcounts ofthe charfty. Company 5t•bJ5 The char*y is a comp8ny Imited by gkwantee. Reg￿t￿)ft Numbw l)0145650 (England and Wales). Every member of DKKesan Synod is a member of COBF for company law purposes. In the event of the ch• bwng wwnd up the liatilty in re4)e¢l ot ihe guarantee 15 limiied to £1 peT m•mber of the ¢harity. The etynpany'3 addro55 aTrJ other refeAwce rrfc4mall￿ 15 shown ￿ pages 1 and 2. Fund sIruel￿O The Unrestrict￿ fvr*Js ￿M￿lSe those moni0$ may b• used tNfwds meeliThJ tt* charllabse rjbjecbvss of ¢harty and may be appli￿ ai the dtsrxelion of the Trustees. Certan unreslrKtid frjnds have b•èn sèt asde and deggnakd fr)r sw>fic purposes by the Tnjstees. SUb￿tIO donu4mp)s8d cc¥vJitins. . The endowmènt funds c4)mprw assets whth norrnalty must be held as capital but, vknere perryutted. may be applied towards m8eting cert&n charrtable aims. Tho incom& therefrthn may ￿ used eilhtrr in accordance the donoTr' wishes. rf stipulated. cf fcf general puwses. Cantwbury Dioc•san Board of Finar Page 25 Princlpal accounting policl•s Yg8r end￿ 31 D8conknr2023 Fund structur• {¢onlinuedl The non-char6tablè tr¥ding fur¥Js r8wE¥eni ts aCCUrnLlated gawts and losses arisiw on the Charity, trading gJb&diaria its¢•l accounting •stimates and areas of judg•m•nt pr¢￿Tation of the finanL?al ststwnenls requires Trustoes aThJ manag8mert to make slgnifKant jUdgem￿ts and estwmat8& Tr items in Iha stat￿¥￿ts *there these Judg￿nts and estlmates have been made ¥K￿de. th• usofrAI econoffuc Irfe and re&dud values of tantyblè assets for tho puw of deteminirtg anrwal depr￿al￿)n dev￿latKfft chage: the deemed costofpropeitiestransferredfrc¥n berh8fteprDperi*sto mlnistry propwbes in PT¢oryears; nd the unde￿ftg a55umption$ in the ¥￿va￿oF￿ of dèfinad ben•fft schèmes and tha rw0V¥ab￿ty ofdèbttys arml any prwson bad (K dthful debts. The TnJslees ¢￿SIder valuatb* of bewEfice propwties to be tt* ¥rea of jwl9emwit and estimatim that has a slgnlficant •ff•d on the *atsments. Further details of lhasa iud98menis ar8 gfven in nota 15. Going The Tfustses have assessad wthethorthe uso ofthe c(mcwn assufflp￿ os ap￿￿riate in weparing thèsè financial statwnents. The TrLtstees have made this ass8synpJrt in respect to a perhtid trfat least onè year from thg dale ofapprnal offh￿ fffiarKi?I statement& The Tnjstees have conduded that th￿e ￿ no mieri8> urtèrtaintw ￿ated to events or conditlons that may cast signif￿nI dwbt ￿ the abilty of the tharty to continue a5 a gcyn9 CIX￿ern. The Trustees are of the oplnion ihat Ihe tharity will have suffKient re9)urces to meet its liabilitEs as they fall due. This t$ b•eaus¢ Ihe tharity has stjffioent ￿$h. In addthn. the charity alx> hdds investments whith can b8 realsed In the thrt twm ￿ meet liabilibes should a s￿>11811 in Ir￿Me arl8e. In additknn. the charity has deggnated reseNes of Q9.4m. indudirwJ £27.9m deswaled f￿ ministry hw$ing. If necessary. some prowties could b¢ w*o9gnatod arKJ sc4JJ to meet any cth Ihyw should thi$ b¢ necessary in the medknm 18mi. For these reag)ns Ihè Twstees Contin￿ to adopt Ihe ba* in pwaring the financial statements and hav& cryKluded thattlwe are m*erial uwtalnties related to e¥enls ore￿dIllonS that may cast Si￿*fiCant d￿￿t w the atsTrty of the ¢harity lo ¢>xtinue as a gomg concèm. Income Inccffle i8 recogrwsed in the period in the ¢tharity is to ￿elp[ the ￿rIo￿nt can be measured Ter￿blY aTrJ it s wbable Ihat the funds be f￿8￿•￿. Inccffle comM5e5 donallons. kn¢kNJiNJ Parish Share inc￿e, MK>Jme from listsd WNeslments, interest r•wvable. in¢rKne dtrectty rdated to dwrttat* ￿tiVIt￿ {KKIL*liftg yrantsl. incryne frcgn trndin9 ￿tiV￿e the Sury)￿S on oftar•JltrAa fwj assets. rentsl incrfft and mtscelanews ir*xm8. Cantwbury Di(Kesan Bowd of FinrKe Page 26 Prin¢lpal ac¢ountlng poll¢les Yw 31 Decembw ￿23 Incorne (conbr￿edI Donatlons ar8 recogn¢sed when thè charity IAS C￿r￿mation of toth tho aTr70unt and settlernenl date. In the event of donatlons p18dpJ not rneeived. the amount Is acen￿d forwhoro tho re¢¥w 1$ cofts￿ered probatAe. If a dO￿tiCffl is subject to Cendrtl￿S that ￿q￿re a level of performan¢e before thtr charity Is enknued lo the funds. the income v6 deterfed and not reg>Jnised either th￿ conditions arn fully mel. or the frjthknent of those con(rrtions is wholty wlhin the ccntrd of th8 chaiity and is probalAè 1h¥t those conditions be fufvled in r8rthing pwiod. In xco¥dance with the charit￿ SORP FRS 102 vdunteer Ome Is Th)t Te¢wnlsed. Grants from govemmnt aThJ oth•r h￿e boon as Ki¢cthè fr(¥n acti¥ith?s in furtheranee of the charty's obj•ctive5whwethe5e amountto ac￿ltra￿ forsenpice5, butas donab)nsvther*the money L% gSv8n In respw to an appeal (y7Mlh greaterfreedtsn ¢rf usè. k>r exompb mories fcf CO￿ fi&ndin9. 1￿me is deferred when tha cha￿ty n¥￿1 fvlffl [￿l￿rKe retatèj condit￿?￿$ bef￿9 b￿ornIng èntitled to it or whwe the do￿ or futh has WTfjed that the IrK(￿ 15 to bè expèndèd n a ￿rture ¢ounJn9 WiC¥J. Investment incon* is rwis&J once the dlvKlend smlar irK*yne has been and nolfficalion ha$ bgen receivwj gf lh8 anvJnl due. Interest on funds held on deposm Is indud&J when reCe￿able and Ihe amount Can bo mèa8uTthJ rellably by the charity. this is n(¥maly upon notifi¢atioTr ofthg interest paKL or payable by the bank Income from charitable ackn￿"be$ comprises pthial foes received ￿ oc(zslcrfHI officos kndudlng baptisrns. weddings and funerals and SC￿)01 Condibon All￿8th￿ gant ftjnding. IrK0￿￿ from th tradiTrJ acli¥iOes incI￿je5 the ￿1ve(l from th*d parties by the chwity's tra(ling subwdiarie& ￿ch income is nwsured at the fair value of the C￿￿deratth rerEived or receivable, ex¢tu¢JTrJ diS¢oL￿ts ¥nd rebate& Gains or losses on the dis[￿1 of propwty assets are cakulated as the differènce bthe￿ tha sale proce&Js net of sale costs and the net bcx)k value of the asset Imnwhthy prior to dlsposal. They are a¢¢¢unted for onco tegal COMFA￿ ofthe dis[￿81 has taken pl￿. Expenditure Expaditure L% r¢lwled kn State1￿ of financial acbvibes vthen incurT•d and any attributabte VAT whkh cannrt be rg))ver•J. EX[￿di1￿re ccYnrKws the k4hxiThJ: •) EXp￿dIt￿# on r•sing funds cc¥nprises the exp￿re (rftralri￿ subsldl8ry cffjipanies. bl ExpenditLtte on charitable actsvit￿ ccvnprises exP￿dit￿e on the charity's wimary charltable puwes as described in the Tru51ee5' reput i.e. Nornoling WKI 055iSting thE work of the Church of England for the ad¥arwmeni of the chrisb.an faith In the Dic¢e5e of Canterbury. The 8xpenditure indudes Ixth costs that can ￿ allo￿ lo aclwitses and those ￿dIr0d Costs necessary lo ￿pport them. Supwt co*$ arn thos80)sts whth wable tharitable actr¥itigSto be carrknd out Those ¢osts includethe expenses rdaling to finan¢¢. human res￿r￿. ¢onxnuntiiI¢￿ and infom18tv)n t￿hn￿O￿. Where exponditure incurred relates to than tMe athity it is aPp(Yb￿ed usng the m05t appropriat8 basls. Canterbury DKxesan Bowd of FIna￿e Pa9e 27 Prlndpal xcountlng Wiei•s Yearanded 31 D￿nber2023 Exp¢ndituTe {contknu&Jl Gfants payable are nduded in the staknent of fin￿Cial aci1vit￿5 ￿en approved and committed. Commrtmentwill uwaly arise when the intended recpient has either re¢xTri8d thg funds ￿ been infomed ofthe decisron to Ihe dDnat*JL Property. plant and •qu5pm•rt All assets costing more than £1,000 and *ryth an expected usefrjl lrfe exceerfing one year are capitalmd. lop and desktcp computers cosltrig ur#Jer£1.000 are also catxtslised. Frg8hokJ propwty consi* of bvikJing5 deSKJr￿ as. aThl used Wholly ry mainty tr. privat8 residential accommodation and Ot￿ freehold buildings such as OiLxesan 0ffi¢05. Freghold property is not dweciat8d ¥s tt*ir valu¢ and ccffldTti"ons are reviewed annualty by the Trustees. who ore satssfied Ihat I￿r ￿sId￿*1 value is nrA materi￿ty less than Iheir to)k val￿. eq￿￿ent iswrlien off over a wK)d to years. l)as&J on cost. In order to write th8 cost of asset off over hs e8limat&J useful life. . Benefice prop•rty CD8F hasfoll(y•rtd the wuirements ofFRS 102 •1 its acc￿nting treatment for benefice FRS 102 rwwes th$ a¢cg)unting treatrnent to fcAhThv the substarKe of arran9wrwts rather than Ihwr strtct legal Irm. CDBF fomally fesw)sible for the fflaintenar￿ and rwir of ben&fts houws and has som¢ j¢JriyliclK)n over Iheir Arture use or Pot￿lia1 sale rf not required as a benthe ly￿Se, but in the rneantime galb.tlè and the right to bèneficial ¢xcupatitm is vested ￿ the I￿uMbe￿t. Therefore. the Trustèès ￿n￿der the mosl suitabla accounting policy to bè to such woperfies as gyP￿dabl9 endcp•rnt assets and to carry them at their estimated market Value. AFproxirnat8ty one-fifth of the propertses a￿ valued eath yèar and Ihose woperiE5 nol re¥aluwJ in the year a￿ ￿ValUed by refwence to appropriate property indKes. The Vduall￿ based on eslimal¢d rnart(￿ valu¥ tiuè but there are some prokwbes whkh havefestrrebv•etrrnnantskneLthk*icalpurpLW5whith fEdLts t￿ estimat￿ marketvalu8. Irmstments Llsted inveslments arè a fomi ofba*c finanual instrument are initially rwnised at their transaction vakje and subsequenuy m•asur8d at therfairvaluè a5 at Ihe balan¢• sheet date the clo&ng quDt&l bid pri￿. Glgbe wcwty rnarnty ￿nSi￿of￿￿￿￿uTal l•thJ 15 i￿luded in thefinancial staterTWts at a valuation dètem)ined ba58d on revaluatiLm 8vwy 5 year5 by an external surveyur. Some glebe propertiès have d0vet0pm￿t pot•fttiaJ but duo to the uncetsintw in the planning pro¢oss the¥e are not raval￿d unk855 planning pgmiission has boen ganted and a wiYiTr3 purcha5w exis Realtsed gains 1055esl inv¢stmwt assets are *ulated as the thffWer￿ belween disposal proceeds and thw opeThng Ca￿ng valuè u ts"r purthasè valL* if acwrr&J after the ftrst day of the financkql year. unrea￿ gains and losses *e calculated as Ihe drffererrkn befften the falr value at the year ènd and their cm1ng vJue at that dat•. Real¢ed and unrnafjsed InVeth￿t gains lor losses) are C￿nbin￿ in Ihe statemgni of firbancial aclivbtss and aro cr8dit•J lor debited} in ￿ year M) whl¢h thgy arise. Op•ratlng hasos Rwtals under op8ratin9 l•ases arn to slatwwrtof fmarKlal a straght41ne bass over the lease tem). Canterbury Diocesan B(*rd of Finar Pa9e 28 Prlncipal aeeounting polkles Year èndtd 31 December 2023 Debtors DebtOFS are rec￿lsed at their settknerrt amowrt. less any wovl&'on fornon-rett)vw8bilty. Prq)ayments are ￿Ued at the 81rkxint prwKI. Cash at bank and in hand Cash atbank and in haThJ rewegerts such accoLmts*d in51nJnents that are a¥aIlab￿ on demand orhavè a m8turty of le8¥ than three rn￿th$ Irom the date clacquigbrm. Cr•ditors and provisi¢ Creditors and prOvtsK￿$ ara racthJnised when thère is an olAigation at thè balance sheet dale as a rgsum of a past avènt. it is probablè that a trdnsfer gl banefit v&ill be r¢quffed in settlement. and the anv)unt of Ihè can be esiimat&J rdiabty. Crèditcrs and proviskins aro rècc•Jnisèd al tha ar￿unt the charty antitypates itwdl pay to setue the d Financl•l knstrwn•nls The tharity onty ha$ financk?l assds and finanryal IKqbilities of a ktrid that qualify as basic financk81 knstruments. Apart frc*m fixed asset investments held al fair v?lu¢, finan￿al in5truTll8nis are inilially r￿ognISed at tra￿ctiOn Yalue ar￿ $ubSequtt￿Y meagjred at t>)St using the effectt.ve intèrèst methcxl. P•nslon$ The charlty operates four pwtsion Set￿ as rn￿e fuly des￿￿ in rK*e 22: 1> A d¢finèd ber*ffts sclwno lordergy- th8 of EnslaThJ FuThded Pensi￿$ S¢hw ii) A defined berth stheme for certain staff ch)sed to 5tsff - the Church ofEngland Dgffined Benefts Scheme108S>. part ofthe Churth Workw5 Pewon Fur IIQ A defffled be￿ sch8mo tr dwsan slaff - the ChLtyth of ErKJlarNI Pension Bulldgr Cla85i¢ Scheme. part dthe Ctrtxch Vlorkets P•nsic•) Fund iv) Adgfingd ¢￿tribUti￿ p￿lon scheme fordxxwn staff not induded in the abrm schemes The penskjn ¢osts charged as ex4en¢kn retrnftt CDBF'S ￿nI11b￿￿xts payaue In p$pe¢t of the accLiunbng period. in 8¢Xordar￿e with FRS 10Z. Custodian funds Funds held by the chaiity on b8half af paishe& chwth aThJ gntities a)d over whith the charity has no power ID makg managempni d￿1$1¢>1$ a￿ a5 ¢UStotJian fund5 and are Thil ' cluded In the financial statw*Th￿ In5tgad. lh• fund5 hdd arp disdosed by way of a note to th&financhl sktements. School major vepalr and ¢4Xtal pl01￿tr The SCA (Schcol C￿￿t￿)n Ajlwationl grwt rwinised in Ihe statement offinanc Canlgrbury Dknesan 8oaTd of Flnance Page 29 Notes to the financlal slat•mMts Year to 31 Dec8mbÈr 2023 In¢omefrom: Donalions grarts f￿d$ 2022 ,£'ooo Partsh Share 7.257 7257 1257 7.155 1257 11J 8en8faLt Tntsl Other donaticffls aTrJ Total fvnds.._ 129 280 7.307 1.$43 8M50 Grants Archts"shqis' Council in 2022 induded £375k to wovide supwtto the th￿se during the Coronavlrus pand8mt& fijnts 2023 £'ODD 2022 E'OOO. É'c￿0 P8rothia I￿$ fr* ¢*ra5kyrJ olrtes lsee{a) tebwl Rental incth Oep*irnert tr Ed￿￿Oll c*g￿ts(see (b) bebyAtl Total lunds 361 747 422 666 611 1,699 614 1.108_ 1.T72 (al 00￿90nal off￿e$ indude **ddings arKI funefal&: (bl Th t*rity a￿sIS vol￿tary attled sc*￿IS %hqth s(*ool buNdiry propc*s arKJ the provision of IT equipment. SCA grant fwKling is irKI￿le￿ as ineome in the SOFA along wth th? related ¢xpenditurè. unre$￿￿lL￿￿s 2023 ' o)ryanies C¥her Total fwKIs 78 61 139 92 92 Incom8 (rom subsKliary trathrwJ ecA￿panIeS represents (hjnè ty Canterbury EntÈfrrri$8s Limited and Ethos Sthwl Impr(svement Llmiw fty partie5 oUt￿de of ihè group. Work done by Cant¢rbury Diocesan Enterp¥ises Limited for CD8F of £209k12022 - £253k}, work done ty Canterbury Dic¢esan Board of Finnce for Ethos SC1v)￿ IMprove￿￿nI Limited of É27k12022 . nil> and work don$ f The Soual Juskn Nett￿ of£2k (2022. £2k) has been elminated on ￿*￿idation. c8rttsrb￿Y Diocesan Boarf ofFinart¢ Page30 Notes to the fin￿¢1￿1 statemwts Ywto 31 2023 Incom¢ from: Investm•nts and irttrest 2023 £'ODO 2022 £'wo £¢c#) 207 175 37 244 175 419 222 30 252 Towlurmts 37 & Incom¢ from: Other s¢yr¢o¥ Unrestrthj lund5 2023 2022 £'ooo £'ooo Gains ¢Jws* offixed a5setg Toial fundg 1,530 1,530 Tho gamis ￿ pro￿￿1 dissmjsals re* to ts (fiws81 of proF*rt*s surplu$ to f8qukem8nts and ¢ther gains loss aborb¥e dovelGynwt Writi￿ off. 6. Expendituro ort: Raising fvr Eyponditurg ¢)n (aising fiffjd$ ¢rAwis¢s the o¥pand6ture of subsidfiary trading compan￿. Anatysls of grant fundlng a¢tivl&s Inc￿ed wilhin expenditufe charilable aCtr￿leS (rnte 8) are Ihe fdlrywlThJ gran￿. 2022 Numb•r £'ooo mb From unrgstrlct•d for N•llonal Clmxch respons1b516￿OB Contr*uts"ons to ArchblsPws' CourK 535 522 Educaknn grarts fry pro1&* Mini$trygwts Hgathng ￿ hzrdstripgr 11 115 587 125 Deanery 9rants Pa￿h hjrite 12 115 2249 The proviskn of ¢Yicc8sar7 grants. using the Archbishops. CO￿￿1 fvndlng allxakn. o)ntinues lo sge the diocese giving financAI 8ssist#n¢e to parthes to leverage their mfjssw. In 2023. £835k12022- £847k) was spent in targetiry parishesyknich can ffl0￿ from grarf fundirs for I￿5510n and ministry. In 2022 a fiLrtW £367k ffrmn the Arthbishops. Ctyjnol to I)m￿de heating and hwdship yrants, no funds wero re¢•Néd In 2023 for this. Cantwbury Dbxesan Bowd ol Finance Page 31 Notes lo th• flnan¢ial statéments Year to 31 D￿eMb0f2023 Total 2023 TIMIO £'ooo Contrfbutlons tv ArchbishDPS' Count Train1￿ for minoty 235 138 24 138 24 153 19 10 81 24 Grants and prO￿$10r Mission ￿erry p￿lon c£6ts Rell￿d dergy oJ5ts Podir#J of ￿din￿d5' mantEnance gvwts 93 37 535 522 Resourcing Mirrislry and Alission: StiroNJs Natk)nd 3.088 250 915 1269 14 73 212 221 712 712 Hou$irg U)Sts A[￿tic£shiP r 13 13 132 274 and tranirvj 126 19 Heatiry and hudslwp gTrrts other9[￿15 Soaa jLSt*• 101 1,178 7304 Senlor Clwgy Stipwds. Nl P8ns* Housing C£6t alk￿iC 47 47 31 ln 2.112 2,112 2.088 8.349 1,514 9.909 Expendi￿￿ ¢>n 8dl￿tIon. Supwtknthuti* 8ch>J& yixu¥J 327 327 317 587 11,381 SCI￿1 ￿lding granls {$ee Z} Total fvnds 9211 2.374 11,631 The 2022 ¢xFenditur& is analysed by fvnd in the ap￿diX. Rèslrictèd èxwdiiure on Strategic Investment Pros•cts eomwises expeftditure m p￿pCts to enable Dbjcosan Stralegy of 'Changed Live Changhg Lwes,. Canterbury Dittèsan Board of Finar Page 32 Not4$ to the fThncial $t*•monts Year to 31 Decwnbw2023 9. Analysis of 9UPPOrt c(•sts 2022 £'ooo rooo Adrninistratlon Salar 1278 121 12SO 127 205 375 knsurw 309 Governar* ExtèN*l aLwJil Dvxesan Synod A￿*b￿hop.¥ Councl Natronal Syr￿# REgistr 31 10 15 2.112 10 15 2.088 Total 8UPPOrt casts 10. Analysls of total •xpendAur• Gram Tot f￿d5 z'oc rDOD Ra5ill9 fvrwJ5 CharIta￿e ¥ts¥ibes . CoThtribution5to ArCbbBh¢J￿ Council . R98woTrJ Miri5ty IAwon . fr￿.fftg ar¥Y hBrd5hy 205 213 535 535 9.909 522 2.112 327 7,474 1.18T 11.836 2.250 2.112 11.594 The 2023 •xpèndiiwÈ is an￿ysed by athvty in the append 11. N•t 6ncome (•xp•nd1￿rn) for thè year This is **ed aftw charyinw. 2023 £'DDD £'ooo . 21 33 25 r*grating ￿ase ren1* 12. Auditorfs remun•ratlon 2023 £'ooo 2022 £'ooo A￿(11 ottPe ac4)Jrts and I￿)se({S￿b$￿I•Ytr&ylffd COTr￿￿". C4Jnent yt¥ Tax*on 5WVts5 to gTtsUP Canterbury Dltt¢san Board of Flnancè Paga 33 Not￿ tt> Ihe financial stat•ments Yearto 31 D¢¢ernber 2023 13. Sti￿nds •nd staff costs 2022 £'ODD rooo Wages. salaries and sty￿ts. 50(ial s8CUrity tt6ts 4657 391 1.051 425 1,195 fj.463 Appr￿1￿￿P *v 13 -&1_13. 14 6,483 The average nuth Ofpers￿5 employed by ihe gvoup durtrKJ the yearwas as 2023 No. Clergy. CL¥*es S8nh?rS￿y DKJC85aTh Ptou* li￿￿J1￿j Strate￿ wr¥8rts) 127 57 170 187 Tha nufflborofemployo0swih r¢munw81kn in excess of£60.0(NJ (hid￿ling tsxable teneffts but excluding employer pension and nati¢)nal in￿￿¢& contribuiths) was." 2023 2022 No:: the b8nd W,001 . t70,( In the baThl E70,¢J01- £80.LKQ Employer schem? ct%ts urKlw in rw9Ct of the ab￿le hkJher paSd employeeswere £34.535 (2022-£20.704). Key Mar￿ment personngl are deem&l to be tr¢Trusle¢s and Ih05e havlng aulh¢yty and respoDSiblity, delegated to them by Tmstees, for planning. direcling and cfyitrdling the activrtw of the diocese. Ouring 20rJ the key management perscmd wve the Trustees and the follwNJ.' Di¢xèsan Secrelary and Company Seuetsry Dire¢lor of COmmun￿ati¢?￿S Oirector of Educalbjn Director of Finar Director of HR Dir8Ctor Lrf Mt5slon aThJ Minislry Director d Proporty Ren￿nera￿On Ind￿ling taxth benefiis aThl empw na￿onal inwrnnce and pen$on ¢cmlributitin$ for these 7 p0s￿on$ arniyjnted to £527,258 (2022- 9 inclLwJirry of Ordin￿d5 and Diffjetor of Gjmmunities and Partnerships £612,638). C8nlerb(ry Dvjcesan 8wd of F￿ar Page 34 Notes to th* fjnanclal $tst•m•nts Year to 31 0￿￿nber 2023 14. Tntstèes. ￿m￿ne￿10n No Trust￿ reeeivthj any ren￿r￿#t[c￿ in ¢ty)nee￿n TArfh thw dutles as trust￿$ durkng the year (2022- noMI. During lh8 year several TnJste8s. vtho are also dugy within the rKefved st¥>ends from. an(Yor wwt Provid￿ wilh Ibx%ng by. th8 ehar6ty in CLY#)•ction wlth their rebgi¢w5 and p8#oral duties wlthin the dlocese. The ￿l￿ving tablè gNe5 detsifs of the Trustees who were in rtc•pt of a sbperwj {￿CludIng pension). part swnd lindudin9 pension) houw9 [￿vIded by CDBF during part ￿ all of the year. erfher direcuy or a $pcws•. str Fl)usin The ofLhJ TheArClAleaC￿ ofX8hfrKd Tha v￿erable Stephai Tay%)r The R*d Gareih The Reyd Estela Last The Rovd Canon t*Jer•myWorth&) F￿r trustees12022- fow} relmbw5emont ofexpenses of£12.5121>)22- £12.854) in res￿ cl G￿￿￿￿1 $YTh￿ dulè$. as aThJ other du￿ as I￿￿te85. Canterbury Okxesan BC￿ c4Finawi Page 35 Notss to lh• flnancial st*wD•nts Year to 31 December 2023 1& fawli fmd ass•ts £'oc#) 00 CMtorvakntlon At 1 Janw 2023 Transfwfrrm investrnwrt prDF•ty (see Th)te 16) 18,1143 312 70M9 111.944) {1.1531 57.792 Net ¢M trdrtsfets At l janu￿ 2￿23 85 feslthy Addrtp> 11.1S31 ).317 676 367 312 24 TOO 13671 L>$wsa15 Rwaluatw)n AI 31 0￿9￿b￿2023 1331 1331 1.8631 86,225 12.863) 54.562 31,3e Dvprnclallon At l Jan￿ry 2023 Chargefor the year SPCL%* At 31 D&*rnbw 2023 I)￿k valuos At 31 OecwTrt*r￿23 At 31 Dwtt*r2022 876 274 21 {331 1,150 21 133) 1,138 41 4562 70,889 85,087 88,094 17.167 8enefi¢* htyJses are re¥ahJed ￿ a fvtryear cyde by a member of the charity's proFety team hobjs a Chartered SuNtyor qualrkatKM. Apwoximatdy ontrfifth of thè pwo•tiès arè valutd èaeh year and those PTopeMos not revalued in Ihe year arè how8ver rev3kJed by referenc* to agyropriate proFwty The valualion based on estlmated mathet value a5wm¢s gwj litle bjt are some woperties thi¢h hav¢ rostr1ctsveccwen￿ts trec(le￿athI purposes may red￿￿ the estimat*>J mwketv81￿. FC￿0wlng a detaled r￿1￿￿ of the cwlnership ¥nd ¢*9¢￿S8￿0n of prtipeit*. ¥ number have bean found to have been categ)rised irKo(redy historically. A lotsl of 27 IteetrN)Jd propwlie¥ ha¢J bggn redassrfied ¢¢xr*cUy as benekn hwses and have been translerred lo freehold pmperty al a deemed cost based on Ihe earfiest Valuat￿ available. minisby prw1i¢s wwe wjentffied as b8n•fK& propèrtles and tran5feTrgJ frcm freehdd propety. A further property previ(￿s￿ classified as an investment property has beèn classthed as a ministy prcpwty. The net eff￿10f the r￿￿SsificatIOnS is to decrease the reserves by £1,153k. As Ihis in not material. this anount has been Indud&J a5 part of the 2023 gains and losstrs on fevaluation fixed awels. Al 0th¥ts￿lbFe f￿d assets we ¥Kluded ￿ the statements at o)sL Canterbury Diocesan B¢*rd Prye 38 Not•s to th? financlal Yw lo 31 DKembw 2023 16. Flx•d asset investments iTNestftEnts Totsl £'ooo Gro ma￿t¥alue Al 1 January 2023 Trartsfer to tarvJibkfi￿J asgds (see ￿18 15) At 1 Jwwary 2023 resl&ed investrnent gair6 At 31 De¢eft*w20rJ 6.381 8,019 13301 7.685 2,934 10.623 13WI 1.3C 2.518 3.826 6.361 416 4797 3,826 3M6 In 1978, when the Endwrn8nl and Glebe Measure 1976 came into effert ow￿rshIp of all Q￿be L4nd was transferred from the incumbents of ben•ftts to the Dk)cesan Board of Finance at nil c05L Thè Gl¢be FfOP8rties were revafutyj by an indwdent suTheyLY usrvj m*kel based ￿denc• for slmllar propart sold the bcal area. PTOP&ty 5Ltsiéiaiies Ir￿ts￿￿ents Total Ch t'coo roj) C05t or valuation At 1 Januw 2023 Transfws invesbnent gar6 Al 31 08￿ber 2023 127 6J81 8.146 1330) 2.518 416 6.797. 2.934 10,750 127 knpalrme At 1 j￿u*Y 2023 31 De¢wfibw2023 126 126 At 31 Decwber2023 31 D￿8￿￿￿r2022 182• 6.797 6,381 10.624 8.020 I the fixed asset InveStM￿ts are hd¢J in thè UK. Tho listed inv85tm8rrt5 ore held In Chur(* of Englond Central Board d Fin￿ funds managEd ty CCLA 1rwestm￿t Manag￿$￿t Ltsmited. Fwther details of gJbgdiari8s ￿ pr￿Adett n note 24. At 31 D￿ents 2023. the Isled irNestmwls the foik*thg hokling5 deemBd material in the Valu• Holdlng Ptyknd Imie5trnwt fund 1.263 5AOS 18.6 B1.0 Cant8rtMJry Oioc8S3n Board of Ftrthr Pw37 Note# to th• financial $tstwn•nts Year to 31 Dtternbw 2W23 17. Debtors Gmup 2023 rooo Chwity 2023 Z'DOO E'o rooo Partsh ShaT8 d 130 101 130 101 Olherthbty)rs Prepayrnents 420 550 553 449 1.571 244 1J03 1,555 18. ¢r•¢rtorn: •mourt5 falling ¥Ahln M• year Group 2023 Ch*ity 2023 £'ooo 145 10 2022 £'ooo 145 Othw loa AryK)￿ts 0s**d 10 Sl￿ssdI*ls5 14S 145 303 273 283 58 2,171 113 2.189 144 2.919 2.014 2.014 205 2.714 A(xrval$ (Sefeffed inujn 2.756 Oiher loans ￿1￿lse Value Unked Loans of £145,(KK) (2022 - £145,QOO} for the rAwchas8 of speual ne￿$ hou&ng (p￿chaSed on behalf of the ChuTch Comrnissonersl. These b)ans are onty repayat4e in the event of a salo ofany oftr* Wpwbes and bs ¢h¥pd ￿ Ihese loans at a v8riabfe rate. 19. Cr¢dltors: amounts falllng du• aftw morn thafi •ne yoar Gmup Charity 2023 2022 £￿00 778 Credft￿s i￿ud￿ amwnts not7fvthdty repayab￿ thin 5 years as folm: Group Charrty 2023 2D22 2022 £'oc £'ooo £'DOO Repayatye other than ty ￿ents 778 778 The othw loarns consi* of thTee12022 - three) intèrest ￿ mortg•3es whth are Secur￿ on freeh)Id properties. Int8rsst Qn the loans Is ch*ged at 1.Xl% abovè base rat¢. Cantèrbury Dictesan 8t)wd of FYHnce Page 38 Notès to th• financial s￿￿*m•1￿ Year to 31 Dwiber 2023 20. Statwn•nt of lunds Carrfad frrnrd 8t 1 31 0¢¢em￿l 2023 l(xrtl Itwesl £'or¥) Mln*ty TnJsiFuThl aergyTraknlng FuTrJ Talt Ms4on Fu￿j B¢r￿ffi￿ Prop8rUes FuTrJ Board OlEd￿￿.￿n Fwvj 122 623 238 4150 1.437 4,751 61426 18 14.0161 28 2A18 11,2071 71263 1.3T2 1615 7&149 {13,097) 37 1461 13301 1461 _ {13.427) 37 ReJlri¢ted funds QeryY￿d sp?￿e5 Rettremert Furnl 8enefact Trusi 754 821 31M 31 i&s) 120 >)1 StrateglClrwestrn￿t FYWS FwwJ1580 ￿ 21 I>TJ 1876) 83 212 457 302 2,219 Educa1¢￿ FuThJs Other FLThls lir￿￿j￿9 Straw) Ofoc8san P8strJra FUTr 315 2,318 13 12.3741 2207 De51gn*d lund# H¢yJsTrJ Slribjafity Fund Ftmd TrainirKJ FuThl 14.wg 239 111S7 27.906 257 1.179 11 76 1191 23 16.159 41 119) 13.097 87 29.315 Gw￿ra1 fvnas G￿eral 5282 21.441 19.114 19.133) 50 137 5.198 4563 13,427 Total Charity fuThls Th1 Sodal Justlce Nett¥0￿. fum*fy TogeU￿r K*rttl Non<*anl8ble tralirNJ Totsl Gmup fvnts 101.&)B 112 1tr2.020 10.935 1115531 12831 111.8361 1UQ.2OB 112 11218 I1.￿2) 11KI.J2 Canterbury DI0¢￿n Board ofFinar Page 39 Notes to th• finan¢ial $tatemwts Year to 31 0￿&￿ber 2023 20. Statemenl oflunds {ccffitin￿) Canhd lon¥ard al I 31 ILosse51 Oerymber Trtrdws wi lout) £'o( Summary: Gwuupfunds2023 rooo tkntyjnatey fiffijs Gweral knjslarlll 1&159 41 119) 13.097 87 385 (9.39n 19.416) 1461 12.3741 330 13.427 (13.42n 50 137 11287) 21.553 78.149 2.318 101 8.974 37 2.207 11211 346T5 63,426 2,219 100.320 En￿￿ent TO￿ fiJTrls {1.0021. Deslgnated Funds i) Ministy Housng- This frmd cor￿lSts of hfintsty HLwJsing pnY￿"0S. 11 S￿'tua￿ty FurMI- Thè fLmd repr￿n1$ fv sale pr(wd$ of St Gaknel's Rotr¢at House for financing a p8rt time D*xesan SpinbJalStyAifviser and makiThJ ￿ants to assist Pari5he5 aid iThJNiduaLs to take rotreats. ill) Wikney Fvnd - Thi5 cLYts1￿ of a legacy the Estate Oft￿ Late Dr RaYn￿ Wthey. T 8oard resolved that Ihe of the twd shtyjkl be retsingj ¢ntsct and fv irwrne te u¥wJ to assist the of thrislwn laith in th¢ dioce* iv) Trainyw Fund . Th purpose of thus fvnd is to prowde to cler9y to SUpPkn￿ thtyr training eeds as appI￿r1ete. Thts lund reeoves LM)U5èd Continuing Mintst¢rial contributlons and the income arisi09 frL¥n the Cobbe HdidayTftst Ivhth the approval ofthe Charty Commisskjnl. GeneralFunds Gerwl hmds o)ngst cl the acrJJmulat&J ￿rPlUSes. 18ss def￿. on unrestdcted funds. excludng desKJnated lund Mov¥T￿l& These funds ccms(st ol the unrèstrwxed funds af tt* tradmig subsidiar*& The 9ndo*m￿l ffiJnds, wh• ¢athE may not be wertled a￿] Ihe irwntr may te applw as sPear￿d aro as lolkM'. 11 MI￿ TrLL8t Fund- lrtome to be 4>p￿•d for stirthd* Tho fvnd ¢(ryri￿ tha Stsnden Bequ•sL the SFO3ner 8eques( the A T Parsonage Repatr Fund. and Dame kncombe-WiNs F￿￿1. ill Qergy Training FuThY - lo be applh8d for c1￿Y trainirrfJ. The fund coryri58s the Candidates for Ihg F￿d. the HI￿1 Fund arha the Knight Trust Ful￿. lill Ta* Mlsslon FuThJ- Irwme to be applied forlhe expertses of Ih? Tail Mi5sbJrw. Carrterbury Dio¢ew BLYard d Fkn8 Page 40 Nolos to th• finan¢ial $tsi¢mthts Yearto 31 Dewnber 2023 20. Statemwrt of funds {CLMknrbued} El￿oW￿9ntFunds (cothu Expendable End￿￿￿t Funds i) pr￿eTt￿5 Fund. The fund ccfflsists of res(￿C￿ restr￿t￿l to PTOVi51on of benefice hous•$ which are ve&ed for b'me tong in the incumbents of the ber*ftt$ t￿Cerned. Thè CDBF is obli98d to m8intsin Iheffl and to ensure that thwe are sufficAent beneftt IK•uses for the pastoral strudure of the diocese. S￿e F¥￿￿S of benefica hrmjses gjrplus to requ*ements may be transfe￿￿ into the d¢(Kesan past(Yal fund or othwfunds follo•Ang spedfic agreement ofthe Church cCrfnrrdsshx￿. During the year £367K12022 - £nil) transferred from the Banefice Properties Fund to the Ministy Housng Fu￿1 folkn￿.ng sch•m•s apFYOV8d by the Church li) Board of Edue81ion Gen8r8J Fund . The wrxeeds of Sale of redundant propert￿3 are held on separa18 erKlowment fi￿d urKl8r $554 ofthe Edu¢*h?n Ad Thg ￿Pital ofknds awaitirg Orders from the Secrdary of State arè not avalable for use until such tirne as they are knckjded in a charitable or(ler scheme which may require fumls to be dtsposed of to othw paftiès in part or in full. Olher pro¢e4d¥ of sale of redun¢knt wcwlies are held until tho ccrfnwon of replacement schools. In th¢$0 ¢8so$the woceeds ofsale may be used to offset eX￿￿sE$ relaling to the new prnp¢ts. iiil Stipents Capital Fund- Thk% fund has been crnal8d thè d￿0$an stP￿ fund capital account awts hekl on behalfofthe clocese ty the Church Commissioners untter Ihè Endovm)ent and Glebe Mèasure 1976 to provide income for dergy sbtends. It rewesents the acc￿nu1ated Sa￿ proc•#ds of grebe property. Sa￿ Fxwls of benefi￿ and surplus benefice ￿d(hymentS fojlcmlng pastoral ￿org￿Lsaticffls. Income ollhe furhy 15 aut¢ynatically appligJ to sti)ends buL 8t the requestof the Bishop, aThJ with the c￿ur￿0 of th¥ Boarf. wital ol Ihe fvnd can be aPpl￿d for the purc*88e maintenance and Thwovernnt of g*be rwLyety houses R8slrict8d funds corryrise ¢)fr. l) cl￿ s￿J$e$ Retirement . The restricted funds specrfy that ttth capital and in¢ome must be aP￿led for I￿[8d dwgy Sp￿￿•s.. C S T￿ynaS Mrs A W mar￿￿1 Bewest R&MPratt Dorolhy MLWAI Will Twsl lil Benefact Twst. Th•se ff￿ds. ¥th￿h are Int￿ded to btr revJriThJ byt are exFected to d￿ling ov9r time. must ftykyoiects ofrewnal ornalicThl s•JnifKance and may bespread (F4Ter ￿ lothree years. i) Lower Income Commun￿9 FwMI- Th knd o)nw51s ofiwwne from AJthbtshops' Councl to make for thè cur8 of in p8rishÈs wthoro such 8W3tance is mosl reqwred. N) H8atirwJ and PlaTdshlp F￿d - The f￿￿ ￿m$ists of trom Archbishop5' C(wncil to provlde supwt forthose In need. Canterbury Oiocesan Bo¥d of Fnan¢* Page 41 Notes to the finjnclal $tstements Yoarto 31 D8e•mbw 2023 20. Slatemthrt of funds (conli￿ed) v) ResOu￿1n9 Ministerial EduCalk￿-Thefv￿j consists ofincome from Arrht4shy' Cwncil to swport ¢xdinarKI training. vi) S¢hwl Buildings Fund - This fvnd conststs of fundw recafv¢d from the DE under th? Schwl Condrtion AlicKatton {see note 2 vi) Educalion Funds- This fiJnd ¢c¥)sists of ffwiies from the sale of a c105ed school. These funds are likely to bÈ s￿￿¢1 lo an ryder undèr $554 of the Edu¢ation Act and will then be transferred lo the Board of Educalton eypendable ￿￿¢P￿tfilnd. vnil Other F￿d$ {indud¥¥J straw) - These fuThJs constst of Vari￿S fvNJs for W)￿cts ￿ludIng the OK¢esan Strategy. ix) Dx*esan Pastoral Fund - Thè w¥osts for vthich this fund may be used are laid down in Iton 94 of th8 Paknl Maasure 2011 aTrJ c4)mprise: ants and loans for patsonage ar#J thweh pmlslon. resttration. Impfovement ￿ repair: costs ofdtsp05ing ofor maintaThng and churths li thè Board or CommIssi￿￿T$ by the Measwe: trdnsfS￿ to Stipgnds Capital Fund ofwital Clher purr￿￿$ ofthe Diocese or b￿ce w part5h. The rer*ives the sale [%￿dS ol churcJ)e5 aTrJ paptsonages. have become redundant undér pastoral reixyanisation when il is speThfied that they should be paid into this thJThJ. Tho furKI Include5 monies sst aside by the Pastoral Cornmittee for mission and d￿eloPMent trn parishes. The'gnatysbs of nM)vements In funds fi* 2022 is rncluded in the 21. Analysis of n•1 ass•ts botw*tn fvnds An analysis ofthe group ngt assd5 batsw fuids at 31 Decamt*r 2023 Ls gfven bdtrw.. Tolal l￿d5 2tr23 eooo lun(Is fuTrJs t'ooo Group 2023 £'OC4) T￿1018 ffixe¢ FixgJ asset Investm￿($ 2.n1 27.W4 54,562 85.ri87 10.6ZJ 8,307 119191 17781 100mO 9tK) 2.015 1214 Crajitors duÈwAthh 0￿Y Cr&1itrM5 Ij￿ Sn moro year .Toid funds 11.1181 516 5.310 11.1051 2,219 63,426 Gewal fl￿￿$ itlud• non-eh•itable IAIu19 fuThJs of £112k (2022- È112kl. The 2D22 anatysis of net assets by Is lnthded ints aptwKIiL CanlerburyDlocasan Board of FknarKe Pag8 42 Notss lo th• Ilnan¢i•l Stateme￿ Yeario 31 DeLemtw 2023 22. P•nslon commKments Canterb¢Jry OBF paitiapates ￿ th8 Church of Enuknd FuThJed P8ns•xs Sth$￿(DI siik)endk?ry Clèrgy, a defln&J benefit pension seheme. This scltwe i% adminislerpjj by the ChLbrch of E￿aTrd Pensions Board. which hotds thg ass•ts of the sgpwately (fLYn Ihose dth8 Res[￿&ble Bodies. Part￿patIng ResFonsiL4e Body In the Church of England Fundpd p￿s￿)n8 sche￿￿ pays ontr*)utions at a ¢(Ynmcffl rate applled to pensionable slIp￿d5. Thè s¢hefne is Con￿￿ to be a 5chemo as dexTib￿l in S￿￿on 28 of FRS 102. 11 Is ncé pos$ible tts attrTbute the Scherne's asse15 and liabilitses lo each spetsfi¢ Responsible Bo¢ty, and this mean5 contribjlions are ac¢ounted for as rf the Scheme wwe a defined cv)ntributrw schemo. The pen5ion5 costs charg¢d lo the SOFA in the year are payaWe lo￿4rd¥ benefits and eXp￿SeS aeuued in that year. plus any ffiguTes arising frcrfn wtnbulitsns in respect of the Stheme's deficit (see beluwl. The 2021 valuation sh(wed the Scheme to bg futy furKJed as such in 2023. fdhmng the vajuation resuRs bew agreed. no deficit crmtributt(•swere pawl12022". £127k). A valuation of the ScF*m• is earrEd every three yeats. Th• nw)st r￿n1 Schome valuatlon. mpleted wa5 carlied out at a5 31 Decemter 2021. Thp 2021 valuation reveakd a surplu$ of 256￿￿. basèd on assets of £2,720m and a fwmjiry target of £2.16(kn. assessed usn9 the folk)wing 85sumpticffls.' An avera￿ dscojnt rat8 of2.7% pA.: RPI Infiatim of 3.6% pa. la￿1 p￿$1￿ Inmsos wlth Ihisk CPIH irfflaoon ￿ Ine wilh RPI I￿ 0.8% pre 2030 to RPI With rn adjustrngnt from 2030 onwards.. Ir￿ease in stip&ids in fme T1￿ CPIH; • in ac¢fydance with of S3NA tables. wilh a1ltsvar￿e f¢r improvements in mortslty rates frcm 2013 in ￿ne with ClA12020 extendèd modd vrilh a long tami annual rate of inwrovement of 1.5%. a smcdhing parametw of 7. an inttial addwon to M￿tINY knprovements of 0.5% pa and an aNowanee fc* 2020 da& of 0% (i.•. w2020 = 0%). FolovAng finalisation of the 31 D￿fflber 2021 ¥that1c￿. defiLYt conlritthons ceas&J th offect from 1 January 2023. slnce the Schemo was fi￿lY funded. def￿ recovery ccth"butions urmler th• Iwovery in force at each 31 Decemberw8r8 as f￿10￿$. 31 D￿￿bIr 2021 31 D￿ember202? 31 D￿Trb8r 2023 An interim reductlon to def￿"t cOntrts￿nS to 32% of p￿S1Onabl￿ Stor￿ was made Mth effect from April 2022 and temain•J In p4ac8 until Dttembar 2022. C•nt•rbury D•xesan Boawd of FinaTr Page 43 Notes to the ffithanci•l statemènts Yèar to 31 Oeeerrtjer 2023 22. Pension commltmÈnts (cc•)IrNedl Cleryy (conbnuod) For senw office Wjers. pènsioN*ble sliperth are in the cal￿]?bOtt$ by 8 rNJtiple. as set out in the &heme's wles. Se¢bon 28.11A of FRS 102 wires agr88d deftit recovery payments to be I￿o￿lSed as a liablity. owever. as there a￿ rn agreed tlefiot r8covery paymants from l January 2023 orwards. thè balance shèèt liatrility as at 31 D￿ember 2022 and 31 Decemb￿ 2023 ts nd. The movemer)t in Ihe bakntte sheet labdity over 2022 and over 2023 is sd out in the tsble belvw. 2023 2022 Balance sheet at l JaNary tleficit c￿nInt￿J￿"¢￿ paKI Rem*iry L*aT9e to th8 shed lreLwm￿ ￿ SOFA) Balancesheei I￿4￿ al31 216.1￿0 I127.￿)0) ' Comprises charbJè in agre￿ defieAt r¢¢overy plan arbj eha)ge in (liscount rat• and knfiation assumptths between yearond& Tha legal 5trudure of thè s¢heme is such that if ￿Other Re5portsible 8Lxly f￿ls. Cantewbury.DBF could be￿e reSp￿)s1)I• payiry a sh¥e clthat failed Responsibbr Body's perrion h'abilities. Canterbury DBF {DBSI parb*ates in thè Defin&l Benefi15 SCI￿• s•*on ol CWPF for 13y staff. Th8 Schem# is administered by the thurch of England Pensi￿￿ Board, wh￿h hc4ds Ihe assets ofthe scheme separatety frtyn those ofthe Empk)y the other parwing ￿1)Ye[s. CWPF has tr*rJ sectiorts.. the p￿$10￿ Budder Sch￿ne, h8¥ sub￿tiOn￿ a defer￿ ￿n￿rtY Sect￿ knwi as pens1￿ Buikler Classic, and, a cash balar)¢¢ s¢¢ti￿ kncp•m as Pension Bulkler 2014. ned Beneffts Sch•m• The Defined Beneffts Scheme I"DBS) section ofthe Church Workers Penyon Fund pnmdes beft￿ lor lay staff ba¥•J w¢ fmal Fensic￿ble Sala￿S. fuThJln9 mry6es. DBS Is d￿lded into sub-po¢4$ Mi respect of p¥tt¢ipabr¥J empknyer as well as a fUrt￿r $ub-pooI. known as ￿ Ltle Risk Pcd. The Lrfe Risk P¢x4 exis15 to shale cethn risks bolwe8n em￿0y￿. induding thoso reklirtg to fflorta￿ty wk1 post-relirw*nt Investh)enl relums. The dNi5ion of the D8S intrj wWool$ is notional and is for the purpose of cakulating ongoing Contributic￿S. This does ncrt artel thè fact that the assds ofthe DBS are hekfj as a single Ill￿ fund out of vthith all the tweffts arn lo be providèi1. From time to tine. a nolK)n￿ pyemium is transferred from empkyeTS' su￿poOlS to the Lrfe fvsk Prxl and all aThl death beneffts are P8KJ from thè Lrfe Risk Pts)l. Cantwbury Dt¢￿￿ 80ord ofFlnan¢e Page 44 Notes to the flnanclal stat•m*ts Year to 31 DeLember 2023 Pon¥ion cornmllments {￿￿tIl￿ed} Defin¢d Beneffts Sc*eme {contuiued) The schgm8 a Mu￿-eMp￿Yor scheme as daw1￿ in S￿tion 28 of FRS 102. 11 1$ not F*)55ible to 8ttrfbJte DBS assèts and liabilibts to SFeufie emFty¢rs. sll)cè ￿ emplryw. thrDugh the Lwe Risk Sectff)n, i* trxposed to acttjarial risks ass¢vated 7Mth tha Currént and fom)8r employees of other entities part￿Pa￿n9 In DBS. This mearsIhatcontr*¥Jknsare￿￿￿I)l￿ ftxas ifDBS were a defir*d o)ntrfbufjon schèm¥. The penS￿S costs ¢harged to SOFA durirvd the year are Contributior￿ payawe towards bèn•ffits and expwses aoxuèd in that year plus th? in r￿t￿n to the DBS deficit hrJhlvJhted In the tat4e bdow as bwng ￿c9n1￿j th& If. fonowng an actuarial vahJaI￿n of Lffe Rksk Pool. there is a SUTpIu5 ￿ defficit in the p￿7. furthsr transfers may be made trtsm the Life Risk Pooj to the empk)ytss' sub%4Jo15. or virE ye￿. The amounts lo be translerred {and their allc¢ation between the sUb%￿ls) wll be sdUe¢S by the c￿rCh of England Pen￿On$ Board having taken a(fvKe frirfn theAdwy. A valuathw ofDBS is tsThied wt tirteyews. The mc*t rKentty finalise(l wa￿all(￿ was carrfed eut as at 310ecèmber 2019. In this vakAbon. the Lrfe Risk Section was shryMI to be in defi¢rt by £7.7m and £7.7m was notionalty transfe￿ed from the empknyers, sub-pwJ5 to the Lifv Risk SectK)n. This increased the employer conlributW5 Ihat would Ot￿￿Se have boon payablt. Thè ov•rèll dèfieit in DBS wa3 £11.3m. FcloMThJ the 2019 valuatkn, Ihe Efflptyer entw•J an awmeni ￿ tr* ¢￿Tch W¢￿k￿3 Perugon Fwd to pay a contribulion rate of 46.1% of pensionatrAe saLary and expenses of £6.700 per yÈ•r. In addith)n dèftst payments of £74.552 per year we agre￿ for 2.&1 years trom 1 ApAI 2021 In ￿spect of the shorrfall in thè Empby¢f ￿b*001. Due b the impThoments in I￿ funding po*lMM ￿ th8 Fund. thg ChU￿h of Engtsrwj Pgnsi¢)ns Board agrÉsd that defiul C￿￿ribUtil)ns should c88se T*llh e￿t from 31 December 2022 for empbyefs whose podsw* estim*ed lo be matwially in ysplus. As a rèwlL there no otligation recognised as a rtabllity within th8 Ernpbyerfs finanaal stateM￿ts as at 31 ￿ernber 2022 or 31 December 2023. A ablty has been recogni5ed at èarliw dat8& The movement In tr* pr(NIs1￿ Ls set out belw.. 2023 2022 Balance at f January Oefiat c￿tribution pa*1 Interest C¢)5t IrEUJgnised in SOFA) Remaining change to the ts18n￿ sheel kbW(rEcw￿ed in SOFA) Balance sheet Ik*ility at 31 tec¥rber 122.rAxJ 175,0001 1.orjj 48.0001 'CrMnprises change in awd def￿1 rwvwy pkn and changa in diswjnt rate and infiat*Jn assumpt*)ns btrtsveen yearryends. The le9al structure of the Sd￿ $ s￿h Ihat rf anolher Responsib￿ Btyjy fals. Cant8rtJury 08F wuld become responsible for pawNJ 3 share olthat tsiled Respongbk 8ody's penshm liaÈ4lrfie$. Canta￿ury Dlo¢ew Brmrd clFinar Page 45 Notss to the finandal Stat￿￿￿ Year to 31 Cle¢￿t* 2023 23. Op•rat5ng l•ase commltments At 31 December 2023 the of the gro￿.8 and thaiity'$ firture mlntrnum lease paymerts under non- cancdlable operatwig lease5 WO5.. Lwd lxmk1ir￿ Equpment £'ooo £'ooo buNdlTrJs EwlpA*nt £'IKID £'ooo 2022 £￿00 Group and Chartty Amvunts payable: Wilhin 1 year 8gknn 2 5years 18 24 13 19 18 10 27 24L Prlncipal subsrdiari•& iolnl ¥•ntsros ond conn•ct•d ¢hwili0s Prfnclpalsubsldlarfes Detsils of the prirKipal subsithw we wovid8d bekw. Regigtratlon Company ftame number Cantwbury Diocesan 66n588 Erilerprises Lirnited Country ErKJland & Vrfafes Shareholding Prln¢lpal A¢tlvlty 100% Property managemènt Di¢xesan Architectur81 27WJ278 Serylces Lirnited En*Thl & Waes 100% l)omont from May 2018 Elhos School Improvement Li￿lIe￿ 79451fj8 EngLqThJ & Vlales 1Tr)% Provisk)n of se￿1￿ lo $thty￿S The Sot%al Justte Neiwuk la company rnlled by guwanlee) 8783875 En￿ar￿j & Wa8$ 100% Building partrwships to work vitth mafginalised ommunitBS FirAnGial nfom)ation each subsdl8ries is as folhyh% Dol￿85aN Archllectu￿ Sw¥itt$ Llmited rooo £￿00 A85ets fuTh15 2023 £'oDo £'ooo lrtwne 253 1193 ifr)) 176 Pth (loss) Assets 17 41 {16 24 Cantarbury Dioc&san Bowd of Finance Pagp 46 Nol•s to th• finan¢lal $talw*nts Year to 31 De¢wnter 2023 2& Pr¥Kipal subssdiari•& plnt wntw•s and ch¥itl•g {c4)ntinu•J) •. Pnnclpalsubsitharies (cothu 2022 rooo 1￿m0 74 1431 42 2# 153 175 1871 at4 Fund5 2023 'ooo 2022 £'trJo $o¢i4 Juslic• N•tWT Irrune Expenthiure (Lossl profil 182 1190 18) 170 {136 34 152 120) 132 155 Uabilths Funts 143 company nam• The Diocets ol Cafttèrbury Principal A¢ti¥ity Er¥larMI & Waltss E￿¢#lionaI aetivitias 25. Custodlan Trust•• The tharity acts as Cusiodian Tru&* li r￿8rt ofvarf(xts funds. These assets are held separately from those ofthe charity and arè rot the baknce she*s on pagè 22. The sumnwry ofthe funds as at 31 Oecemt* ts as folows: 2023 £woo 2022 £￿00 TN8tfundB Fixed a55ets . Lisled investstvts I*￿￿1) 1.174 1,792 . cen￿ clFinance Cjew Fw Totsl 1.38• 2.563 1.339 3.131 Market TAlua of at 31 Decemljer L&sted investments 5.367 26. Related p•rty trans•cllons othor Ihan the rdalI￿shipS trrncllons thc105ed in ￿leS 13 and 14, thereare ￿ other retated party trans8¢tton5 requIrir￿ disclosu￿ {2022- rnne). Canterbury Diocesan Board of Finn Page 47 Appendix: Comp¥alt￿ Consolidated stst•m•nt of financiil adi¥itr￿ Yearto 311)ecember 2022 Tolal 2022 l%%)ation5knwant&' 3T5 7.193 1.072 139 238 375 9.187 f.699 139 252 1,530 14182 627 14 lo.￿7. Z621 14 Ra￿ffi9 fiwjds Charil8lhÈ 8c&vth8 213 213 11,381 Z5CQ 19 Ig io .9.075 gains 1.472 (211) 1.261 121 f5) (691) 1.588 ii.ooij $87 16 22 15 47 89 1.820 1.820 1.213 2.296. Z31B_- 7fj,936. T8.149 99,4TT ..i¢R02Q rolalfunds canlqdtonv* Cantsrbury Dirxe5an Board of FTh￿e Pag? 48 App•ndix: Comparallve notes lo tho financial $talemerts Year to 31 December 2022 l. Income from". CXh•r donztiorra granls Restr 2022 £'ooo £'ODD £'coo Partsh Share Arehbishop5' C￿n￿l BerfactTrust Other ¢knations gr*ts Tolal funds 7.155 7.1S5 1.623 129 280 9,187 129 242 1,994 7.193 2. In¢¢M¢ from: Char5table acli¥it*s funts £'ooo lun¢$ 2022 rooo 422 422 Renial ino)rne 16 611 611 TotsIf￿ds 1,072 flmds £'oTrJ 2022 £'•oo £'Tr)o Investrwt Bank other intw85t r8c8r4 Tolal l￿d$ 208 14 222 30 252 14 Cantgrbury txwan Bowd of Fknan Pago 49 Appendlx: Comparati¥• noles to the fina￿la1 slatements Year to 31 2022 Exp•nditurè on: CIHrilable ac Total f•Jnds 2022 fDOO ftJnd5 fund5 £'ooo Contrlbullons to Archbbhiy. Cwn¢lt. Tranry fijr rninLBtry Naty)nal chuth r85rLryThi "11188 2&5 153 19 10 81 24 235 19 110t1r￿ ho￿kn9 C4J5ts Pooling ofortliiands. mairth￿￿ gTrnts ' 24. 522 . R48ourclng Mlrrfstry rtsh stipends N*Nina ￿ulan 4088 250 915 915 IoLk8irrfJ costs Ap￿￿￿&StoP I 14 14 .73 212 221 87 104 106 117 19 Lty and lydin￿j tr¥"rrirrfJ m￿s1￿ gr8nts Heab'n9 ar*J ha￿$hiP grards 367 101 387 104 .7.382 5.825. 19 Holtsry e4)st 31 31. 375. 395 Supp￿¢ costs (l￿e 9) 1.913 19.. Exptnditt¥4 •d￿all0Th. 317 317 587 Sc*crfJ bJthJ gTrrts18ee rth 2) 587 Tt)tal l￿d$ Cantwbury ohxeS￿ Board of FfinarK• Pap 50 Appendix: Comp*r*ti¥o notes to the Ilnan¢ial st•twDeths Y08r to 31 Dwntw 2022 10. Anafysi$ of total oxwmllture nt rer* of 2022 Total Funds £'ooo Supp)rt £'OOD t'ooo R&y"rglwd5 Chafitat4¢ athfiies . Contsthtyons toAsthtssW cr￿01 . Re50urcing Ministyand Ik&"on 213 213 631 9.588 367 904 11,594 367 587 . Et1uc*iion 317 7,161 20. St¥iwTrent of fund¥ Carrlod at 1 JanLWy 31 Trar%kn In ILo¥sesl ILXrtI. rDDO MknLsty fnJEt Fth)J CW Trawry F￿j Tail Mission F￿d 12811 1791 1271 1.909 {551 12491 1218 247 7136$ 1,Jn 1615 n,149 8oaRI of EdL¢aknGEnqThl Fw st1￿$ Capltai FurhJ 1.413 14 119} 119 7(936 14 Clar9yaThY Spouses Ra*tynerx FUTr1 en8rxtTTr￿t Fund LrwlnctsmÈ C0ttwTh￿8S Furnj Heafjry￿￿ haFe5trip F￿TrY Re50urung Mr¥tyi81 E¢Jwatthi Buik1kngs FWKI l*¢ 21 Educabon Qtrw F￿d8 199) T54 129 {84n 1367) 111n 158n 81 133 611 16 178 1470) 131 12,5)0) 310 18 315 2fft1 1931 2J16 Mhisty Hou51rvJ Swtualty Fu FuThY TraI￿n9 P￿1 15.158 258 1212 23 1349) 14eo 1261 113TJ 16.ffjl 21 Ger￿ra1 fvnds General 10.167 10.20 {8,817) {8ffi81 5282 Tolal Charlty fvnds (Oncludn9 Sodal tlca Nel¥¥r*kl 12.813 111,357) 123n 111.5941 955 1111M8 112 10 Tolal Grwp 3.477 13.182 955 10102D Canteriwry 0￿￿eSan Board of Flnar Page $1 Appèndlx: Compar*i¥e notes to the fina￿1•1 slatements Yearto 31 Decembtr 3)22 20. Statenjent of funds {cothnl￿dj ca￿￿d ft*rwJrd at a11 4ry 31 Trark%fw5 in D2c•mb•r 2022 f'ooo ÈDJD 1$,&51 41 (211 11631 16.1S9 ¢lwla148 tradiffj fur¢sl Unrestriied ￿￿15 En&￿en1ft￿ds RosknGtsd TO￿ 10.5 19.0541 19.0751 1191 12SDJI 111.5941 Xl.245 21,553 71,149 2.318 14 1218 2.K21 13.182 955 21. Analysis of nel ass*ts ￿tween funds An analys￿ Oft￿ group net assets bthoen hJn¢ts at 31 D￿ember 2022 18 bolw. Total funds 2022 rooo fvnts nds £￿00 Gmup 2022 T￿Ibl￿fiX￿Y assats Fixed as5etinVe5￿ts Cwrenl 855ets Creditor5 dueTMihin oneie ¢￿ditOrS thJe in mcrfethan crtye Total fuThJs 14.8C 1.571 70.889 5.257 2,003 8&094 8.019 9,441 P,7561 17781 101020 831 2.175 1688) {7411 {5161 5.394 {1.327) 16.159 2.31&. -78.149 General funds indude ￿l￿thrit￿ tradin9 funds of£112￿. Canterbury Dicwan Board ofFinorr Page 52