2024-12-31-accounts

Canterbury Diocesan Board of Finance Trustees, Report and Financial Statements 31 December 2024 Cotnpany Limited by Guarantee Registration Number 00145650 (England and wa￿$) Charity Registration Number 249972

Contents Reports Reference and administrative information Trustees, report lincorporaling strategic reporti 3-14 Independent auditor's report 15-19 Financial statements Consolidated statement of financial activities 20 Consolidated summary income and expenditure account 21 Balance sheets 22 Consolidated statement of cash flows 23-24 Principal accounting policies 25-30 Notes lo the financial statements 31-47 Appendices Comparative consolidated statement of financial activities 48 Comparative notes to the financial statements 49-52 Canterbury Diocesan Board of Finance

Reference and administrative infomiation Trustees Ex-officio Trustees The Archbishop of Canlerbury, The Most Revd and Rt Hon Justin Welby (resigned 12 November 20241 The Bishop of Dover, The Rl Revd Rose Hudson-wilkin Peter Vvyllie, Chair Iresigned 1 January 20241 Anthony Richter lappointed 31 January 20241 The Very Reverend David Monteilh, Dean of Canterbury Cathedral The Venerable Stephen Taylor (resigned 1 May 20241 The Archdeacon of Ashford, The Venerable Darren Miller The Archdeacon of Canterbury, The Venerable Dr William Adam The Archdeacon of Maidstone, The Venerable Andrew Sewell (resigned 18 January 20251 Revd Andrew Bawtree Canon Miranda Ford Dr John Moss Elected Trustees Canon Amanda Boucherat Graham Codling The Revd Garelh Dickinson Sandra Ellis lappoinled 31 December 20241 The Revd Canon Eslella Last Neil Logan-Green lappoinled 31 December 2024,. resigned 8 May 20251 Lt Col (Retdl Canon John Morrison (resigned 31 December 20241 The Revd Simon Tillotson lappoinled 31 December 20241 The Revd Canon Dr Jeremy Worthen (resigned 31 De￿mber 20241 Diocgsan Sgcrgtary The Venerable Stephen Taylor (until 31 March 20241 Mr lain Blythe (appointed 1 April 20241 Registered address Diocesan House Lady Wootton's Green Canterbury Kent CT1 1Na Company Reglstratlon No. 00145650 (England and Wales) Charity Registration No. 249972 Auditors Buzzacott Audit LLP 130 Wood Street London EC2V 6DL Canterbury Diocesan Board of Finance Page 1

Reference and administrative infomiation Bankers Lloyds Bank plc 49 High Street Canterbury Kent CT12SE Solicitors Mowll Ltd Trafalgar House Gordon Road Vvhitfield Dover Kent CT16 3PN Invostment Managers CCLA Investment Management Ltd 1 Angel Lane London EC2R 3AB Canterbury Diocesan Board of Finance Page 2

Trustees, report lincorporating the strategic report) Year ended 31 December 2024 The Trustees present their annual report (incorporating the strategi¢ report for Companies A¢1 purposes) together with the audited financial statements for the year ended 31 December 2024. The report has been prepared in accordance with Part 8 of the Charities Act 2011 and conslitules a directors, report for the purposes of company legislation. The financial statements have been prepared in accordance with the principal accounting policies set out on pages 25 to 30 of the attached financial ststemenls and comply with the charitable company's Memorandum and Articles of Association, applicable laws and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. SUMMARY INFORMATION ABOUT THE STRUCTURE OF THE CHURCH OF ENGLAND The Church of England is organised as I￿0 proVin￿S each led by an archbishop - Canterbury for the southern province and York for the northern. Each province comprises dioceses, of which there are 41 in England. Each diocese is divided into deaneries and each deanery into parishes, and each parish is overseen by a parish priest (usually called a vicar or rector). From ancient times through lo today, they and their bishop are responsible for the 'cure of souls" in their parish. His Majesty the King, who is the Supreme Governor of the Church of England, appoints archbishops, bishops and deans of cathedrals on the advice of the Prime Minister. The Lords Spiritual, consisting of the o archbishops and 24 of the senior bishops sil in the House of Lords. The Church of England is episcopally led and synodically governed. It is led by the Archbishops of Canterbury and York and there are a further 106 bishops including Diocesan Bishops and Suffragan Bishops. It is govemed by General Synod as its legislative and delibemtive body at national level, making decisions on matters of doctrine, the holding of church servi￿$ and relations with other churches. General Synod passes measures which, if accepted by Parliament, have the effect of Acts of Parliament. The members of General Synod belong to one of three groups or houses. The House of Bishops, The House of Clergy and the House of Laity, and General Synod meets in London or York at least ￿l¢e annually lo consider matters for the broader good of the Church. STRUCTURE, GOVERNANCE AND MANAGEMENT Constltutlon Canterbury Diocesan Board of Finance ICDBF, the charity or the Board) was Incorporated as a company on 29 December 1916 to manage the financial affairs of the diocese and to hold its assets. Every member of Diocesan Synod is a member of CDBF for company law purposes, and similarly Archbishop's Council omprises the Trustees. The Board is a company limited by guarantee and as such has no share capital. The Board is a registered charity and its Trustees are the same people who serve as the Board of Directors for company law purposes. The Board together with its subsidiary entities comprises the 'group'. The principal object ofthe charity and the group is to promote and assist the work ofthe Church of England for the advancement of the Christian faith in the Diocese of Canterbury. Method of appointment or election of Trustees The management of the charity and the group is the responsibility of the Trustees who are elected and co- opted under the terms of the Articles of Association. Canterbury Diocesan Board of Finance 3

Trustees, report lincorporating the strategic report) Year ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Icontinuedl Policies adopted for the induction and training of Trustoes At the first meeting of the Iriennium, the Iriennium for the Trustees being the period January 2021 to December 2024, time is set aside for the induction and training of new Trustees and further training is provided where ne￿$Sary during the triennium to ensure that all Trustees are kept fully informed of their responsibilities. Diocesan officers are always on hand lo advise Trustees on supplementary issues. Trustees. remuneration The TrLJStees do not receive remuneration for their roles as trustees of the charity. The clergy members of the Board, as office holders within the dI0￿se, receive housing and stipends as part of their clergy role. Organisational structure and decision making The Board, as Archbishop's Council, is responsible for working with the Bishop of Dover lo shape the diocesan strategy and to monitor the oulworking of that strategy. It sets overall objectives and priorities. The OU￿orkIng of those objectives and strategies for the Diocese of Canterbury is conducted through overarching frameworks. The frameworks (see below under policies and objectives) meet frequently lo plan their own priorities and make appropriate decisions in support of the overriding strategies and objectives of the Diocese of Canterbury. The principal officers manage the day-lo-day administration in conjunction with Archbishop's Council and respective frameworks as appropriate. The remaining staff assist in administration. Related party relationships CDBF makes contributions to the national Archbishops, Council towards the running costs of the National Church. The stipends of all parish priests are paid initially by the Church Commissioners and these are reimbursed by CDBF. The stipend of the Bishop of Dover together with the stipend of the Chaplain, the salaries of the Bishop's office staff and the Archdeacon of Maidstone's stipend are borne by the Church Commissioners. The stipend of the Archdeacon of Canterbury is borne by the Dean and Chapter of Canterbury Cathedral and is not included in these financial statements. The Board considers that the following are subsidiary companies or connected charities. Subsidiary Companies.. Canterbury DI0￿San Enterprises Limited ICDELI Diocesan Archileclural ServiTr Limited IDASLI Ethos School Improvement Limited IESILI The Social Justice Ne￿Ork ISJNI Connected Charities". The Diocese of Canterbury Academies Company Limited IDCACLI Risk management The Trustees have assessed the major risks lo which the charity and the group are exposed, in particular those related to the operations and fInan￿S of the charity and the group and are satisfied that appropriate systems and procedures are in place to miligale exposure to the major risks. The Trustees, through the Finance and Assets Committee, undertook a comprehensive review of the strategic, business and operational risks throughout 2024. Canterbury Diocesan Board of Finance 4

Trustees, report lincorporating the strategic report) Year ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Icontinuedl Risk management Icontinuedl The key risks facing the Board of Finance are.. • Non-payment of full Parish Share. The Trustees continue to pay careful attention lo the Parish Share Scheme which determines the allocation of contributions needed from each parish to maintain the general fund. The Trustees also monitor, on a regular basis, the collection rate of contributions received from individual parishes, with a view to identifying al an early stage those parishes which are likely to have difficulties in meeting their Parish Share. Vthere potential issues are identified the finance team work with the Archdeacons and Deanery Treasurers lo mitigate and minimise any risks identified. • A failure lo lake appropriate safeguarding precautions and implement suitable policies lo protect all those who come within the care of our churches. CDBF takes extremely seriously the need ft)r strong safeguarding procedures and controls. The Trustees are ultimately responsible for overseeing the implementation and review of policies and prO￿dureS for safeguarding children and vulnerable adults throughout the diocese,. and for developing and maintaining good practice in relation lo the safely and welfare of children, young people and vulnerable adults. There Is in place a structure with an Independent Safeguarding Chair and policies that ensure full rigor when addressing safeguarding issues. The lessons learned from historic sexual abuse cases continue to reform the way the Church of England and the CDBF do things. All Church offi￿rS. Trustees, stsff and volunteers are trained in diocesan safeguarding policy and best practice and the Diocesan Safeguarding Advisors are available to give advice. There are clear procedures in place for reporting all safeguarding concerns. • IT and systems failures. The Trustees are aware of the threat posed by those with malicious intent and cyber-security is taken very seriously. The Trustees are aware also of the need to ensure the strongest possible defen¢es against attack including the upgrading of softhare and hardware. To strengthen our defences against attack, via malicious emails and phishing attacks, staff are trained lo follow best practice and lo be alert to malicious emails and other potential IT risks. We have an ICT board which keeps cyber security and related issues under review. • The charity's key assets comprise properties and listed inveslmenls. Cash flow issues may arise because of the timing ofcapital transactions and poor investment performance may lead to losses being incurred. Property maintenance Is of key importance, ensuring that the buildings are maintained lo a high standard and that prevenlalive action is taken before matters become real problems. The charity has a highly skilled Propety Team with many years of experience looking after residential, office and historic buildings. The timing of property transactions is planned carefully to ensure that they do not give rise to adverse cash flow issues. Canterbury Diocesan Board of Finance 5

Trustees, report lincorporating the strategic report) Year ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Icontinuedl Risk management Icontinuedl The value of the charity's listed investments is dependent on movements in the UK and world stock markets. The charity's financial position, therefore, is exposed to the risk attached to such investments. To control against this risk, the charity's investments are managed by reputable investment managers who adhere to the investment policy agreed by the Trustees. Representatives of the charity meet with the investment managers on a regular basis lo monitor performance and to discuss the charity's investment strategy generally to ensure it remains appropriate- both now and into the future. OBJECTIVES AND ACTIVITIES Policies and objectives In planning the activities of the charity for the year, the Trustees have considered the guidan￿ on public benefit issued by the Charity Commission. In common with the Church of England, the diocese strives to ensure that in every local community there is a worshipping, welcoming and serving congregation, working with Christians of other traditions and people of goodwill, witnessing to the transforming power of the love of God as seen in Jesus. Our stffttegic document approved by Synod in 2021 is ealled Towards a Flourishing and Sustsinable Future with 'Changed LIveS￿changIng Lives, as ils strap line. 11 contains the following vision statement for our di0￿se.. By God's grace we want lo be a people who are... .confidenl & creative disciples of Jesus Christ . rooted in ￿rIpture and drenched in prayer . living gratefully, giving generously, caring for creation & sharing the gospel .growing in number & expectations of God and ourselves . motivated by justice & open to the Spirit & ready for adventurel The￿fOre we will Therefore we will.. is a ￿Ognit￿n thatwords withoLrt actions a￿ empty. It i% a ¢ommitment to taking real stÈp$ now to make this vision a reality soon. We encourage all parishes lo consider this vis￿￿ ￿refUIty for thernselves, to explore together what actions th8y will commit to take and whattheir local'Th6r8for8 we will... The 2021 "Towards a Flourishing and Sustainable Future" document created a Blueprint for our strategic themes. In July 2023 Diocesan Synod adopted Three Bold Outcomes for 2030, which are aligned lo the six national bold outcomes. They provide an overall direcb'on of travel and are used to assess business cases for investment. Every parish, benefi￿ and deanery showing signs of revilalisation. Doubling the number of children and young disciples. 200 new Christian communities. There is a Strategic Programme Board that meets regularly to oversee progress with our strategy and this reports lo Archbishop s Council and is where investment decisions are taken. Frameworks and deaneries are the key agents of delivery and change. Diocesan Synod re￿iVeS regular progress reports. Canterbury Diocesan Board of Finance

Trustees, report lincorporating the strategic report) Year ended 31 December 2024 OBJECTIVES AND ACTIVITIES Icontinuedl Policies and objectives Iconlinued} In addition to the Board of Education there are tso frameworks within the diocesan organisation which support deaneries and parishes in their mission. Mission and Ministy Children and Young People Towards the end of 2022 the Church Commissioners announced significant funding for the next three triennia12023 10 20311 for bold long-lerm investment in the ministry and mission of the Church of England. CDBF intends to apply for significant funding from this source to enable us lo achieve our strategic objectives. Grant rnaking policies Contributions to Archbishops, Council to fund National Church responsibilities are treated as grant funding. SCA Ischool Conditional Allocalionl grant funding is recognised as income in the Statement of Financial Activities along with the related committed expenditure. CDBF, through its Mission Resources Group, allocates the Church Commissioners Lowest Income Communities ILlnCI funding award1£864kl to the neediest parishes in accordance with the Llnc criteria. We have awarded modest grants towards the Deaneries to support their administration. Raising funds The charity raises funds through Parish Share and on occasion receives other donations and voluntary income. It aims to achieve best pracb'ce in the way in which it communicates with parishes, donors and other supporters. 11 lakes care both in the lone of its communications and the accuracy of its data lo minimise the pressures on parishioners, parochial church councils, donors and supporters. 11 applies best practice to protect their data and never sells data, it never swaps data and ensures that communication preferences can be changed al any time. The charity manages ils own activities in respect to raising funds and does not employ the ServI￿S of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding ils activities for raising funds and to learn from them and improve its service. During the year, the charity received no formal complaints about its activities for raising funds. ACHIEVEMENTS AND PERFORMANCE Key flnanclal perfomiance Indlcators Current year Parish Share receipts represent 83.6'/0 of the total apportioned 12023 89.7'/ol or, when deferred receipts for previous years are included, 85.19/012023- 90.09/01. This shortfall of 14.9 1012023 - 100/0) represents £1,091k12023 - £819kl in cash terms. Our aspirats'on is always to collect 1000/0 of Parish Share. Canterbury Diocesan Board of Finance 7

Trustees, report lincorporating the strategic report) Year ended 31 December 2024 ACHIEVEMENTS AND PERFORMANCE Icontinued} Review of activities The di0￿Se continues lo strive to resour￿ effective mission, ministry and growth throughout its parishes. Working with Deanery Plans, many parishes and deaneries are capturing the vision for new approaches and new forms of Church which is transforming growth and spiritual development. Vvherever possible, archdeacons and diocesan Offi￿rS work closely with deaneries to re-energise the mission and ministry of every parish with Three Bold Outcomes under consideration.. 11 to double the number of young people in our churches across the diocese, 21 to create 200 new Christian Communities and 31 to revitalise every parish and benefice. The details of how this will be achieved have begun to be described in the 16 Deanery Plans where we hope lo be able to gauge more accurately what kind of support is needed and where there are examples of good ideas working. We had an average of 108 paid clergy in 2024 and 120 active voluntary Readers at the end of 2024. Our Canterbury Diet provides a rolling programme for all our clergy- the three elements of Leadership, Mission and Pastoral Care. The Church of England published the five National Safeguarding Standards at the end of 2023 and our work in 2024 has focussed on helping both Diocese and parishes embed these standards throughout. To support embedding the NSS and ensuring compliance with the Safeguarding Code of Practi￿ and other Safeguarding Guidance, we purchased a licence for the Parish Safeguarding Dashboard and Dashboard Hubs. These were launched in February 2024 to help parishes with their safeguarding responsibilities. In January 2024, the Annual Safeguarding Conference was held with the Diocese of Rochester, with over 250 delegates booked in, exploring themes of stslking and support for victims of sexual violence. We managed a significant historic safeguarding case involving both parish and cathedral settings which led to the Instigation of a Safeguarding Practice Review in September 2024. We have continued lo offer trainer led training with over 435 places offered for both Leadership and PTO training. We also adminislraled 1,120 DBS checks across the Diocese. Following the publiealion of the Makin report into the abuse by John Smyth in November 2024, we saw a significant increase in the number of referrals made and we do not anticipate this slowing down. We currently continue lo provide Cathedral Safeguarding Officer support to Canterbury Cathedol under a Service Level Agreement. Our Missional Learning Communities and Deanery Action Learning sets continue to bring together groups of Christians from churches across the di0￿Se looking to change the culture and lay foundations for growth. As a result of Government policies on migration, we have seen an increase of families from Afghanistsn and asylum-seeking families coming from Kuwait, Palestine, and Syria. The number of families from Ukraine has not increased since the very limited take up of the Homes for Ukraine scheme last year. However, we head up ad hoc services for these. Our work with refugees expanded even further in 2024. We responded to the needs of displaced families and of parishes welcoming them by increasing the reach of our services with casework as well as advocating at policy level. Canterbury Diocesan Board of Finance

Trustees, report lincorporating the strategic report) Year ended 31 December 2024 ACHIEVEMENTS AND PERFORMANCE Icontinued} Review of activities Icontinuedl As a Diocese, we have offered accommodations lo displaced families based on their needs and our availability. This is something we should be very proud of. We provide online prayer resources for individuals and parishes bringing together a prayer diary and seasonal prayers, readings and reflections. The face of ministry is changing as ordained clergy help equip and enable the ministry of everyone lo ensure the Church is a Monday to Saturday Church, as well as a Sunday Church and is sustainable into the future. The impact of Coronavirus ICovid-191 has provided further impetus to reimagine ministry. Income generation The diocese received 790/0 of ils unreslricled income from Parish Share, which is a voluntary payment from parishes. The Church Commissioners allocate lowest income community funding grants ILlnC grants) to the poorest dioceses and Canterbury received a grant of £863,722 in 202412023 - £834,917). The diocese received an allocation from Benefacl Trust of £97,073 in 2024 {2023 £112,875} which supports our diocesan strategic projects. Investment policy and performance CDBF seeks to invest its funds for the best possible financial return consistent with its risk appetite and need for diversification. The investment objective for long term funds is to generate a minimum return of 50K in excess of inflation, as measured by the UK Consumer Prices Index. The investment objective for short-term and medium-term reserves is to preserve the real value of capital, minimise risk and obtain the best available return within these risk constraints. CDBF has adopted an ethical investment policy which follows the ethical investment advi￿ given by the Church of England Ethical Investment Advisory Group IEIAGI to the National Investing Bodies INIBSI. the Church Commissioners for England, the Church of England Pensions Board and the CBF Church of England Funds (managed by CCLAI. An improvement in investment markets in 2024 resulted in an increase in the value of our listed investments of £133k compared with £311 k in 2023. This has resulted in the value of our listed investments increasing 10 £10.8m. The listed investments are held in funds al CCLA. The performance of the CBF Church of England Investment Fund on a total retum basis was 5.10/0 for the year against the comparator benchmark of 15.30'/o. The performance of the CBF Church of England Property on a total return basis was 5.39 /0 against the comparator benchmark of 5.05D/o. The portfolios are reviewed with CCLA Investment Management Limited every year. Investments held by the Board have been acquired in accordance with powers available to the Trustees under the Memorandum and Articles of Association. Canterbury Diocesan Board of Finance

Trustees, report lincorporating the strategic report) Year ended 31 December 2024 FINANCIAL REVIEW Introduction Archbishop's Council continues to work diligently lo secure the financial position of the diocese whilst at the same time promoting effective mission, ministry and community throughout the area. The Church of England exists to promote the Gospel of Christ in every community and the di0￿Se sees that the furtherance of that aspiration is the only way to secure the future of the Anglican Church in this diocese. The Board's subsidiary company, Canterbury Di0￿san Enterprises Limited ICDELI, is responsible for adopting a strategic approach lo all propety assets and maximising the value of any disposal proceeds. This company continues to work on several key projects and advises on property aspects of pastoral reorganisalion and it continues to deliver vital reSoUr￿S to help the work of CDBF. The total funds of the diocese include the value of all benefice parsonages within the parishes and these were valued at £56.6m in 2024 12023 - £54.6ml. CDBF is engaged on a rolling five-year process of revaluations of these properties. These properties are included in endowment funds recognising that they remain benefice property, although should they cease lo be used as ministry houses then ownership is usually transferred to CDBF unrestricted funds. Results for the year Total income for the year amounted to £12.5m, an increase of £1.3m compared with 2023. The main reason for this was the gains on disposal of £1.Om in 2024, such high gain was not achieved in 2023. Parish Share was £106k lower than 2023 despite the increased budget set for 2024 but overall grants were £244k higher. other sour￿5 of income consist of other grant income, investment income, property rental income, parochial fees for weddings and funerals and the income for work done for third parties by the charity's subsidiary companies. Such income remains very important and is an essential contributor in keeping Parish Share requirements lower than they might otherwise be. Expenditure amounted to £11.9m only marginally higher than 2023. Unreslricled expenditure increased by £304k but ￿Stricted expenditure decreased by £206k. Net income before investment gains increased by £1,267k resulting in £649k surplus for the year. Small gains on investments lotalling £133k resulted In net income of £782k. There was a gain of £2.Om on revaluation of tsngible fixed assets and the result of these movements was an increase in net asselslreserves of £2.8m from £100.3m lo £103. 1 m. Financial position The consolidated balance sheet showed total funds at 31 December 2024 of £103.1 m12023 - £100.3ml comprising.. 2024 2023 £'ooo £'ooo General funds linduding non<haritable trading funds) Designated funds Restricted funds Endowment funds 6.163 28,147 3,076 65,762 103,148 5,310 29,365 2,219 63,42e 100,320 Canterbury Diocesan Board of Finance 10

Trustees, report lincorporating the strategic report) Year ended 31 December 2024 FINANCIAL REVIEW Icontinuedl Financial position Iconlinuedl The above figures include endowment funds of £65.8m12023 - £63.4ml, the principal part of this being the benefice properties amounting to £56.6m12023- £54.6ml. VW)ere income arises from these funds, it may be used for general purposes of the charity and therefore is credited lo unrestricted funds. The endowment fund balances musl normally be held as'capital, but, where permitted, may be applied towards meeting certain charitsble aims. Also included in total funds are restricted funds tolalling £3. 1 m12023- £2.2ml. These monies have either been raised for, and their use reslricled to, specific purposes or they comprise donations subject lo donor- imposed conditions. Further details of these restricted funds can be found in note 20 to the financial statements together with an analysis of movements in the year. Funds totalling £28.1 m12023 £29.4ml have been designated by the Trustees for specific purposes. These purposes and an analysis of the movements on the funds are sel out in note 20 to the financial statements. The Trustees are aware that most of the designated funds are represented by ministry housing. General funds lincluding nOn￿harlIab1e trading funds of £237kl total £6, 163k12023- £5,310kl. Reserves policy The Board's policy is to hold general reserves lo ensure ongoing financial stability should there be an unplanned fall in income and lo lake into account the liming of income. In 2024 this would require general reserves 0fbe￿een £1.4m and £1.7m. Atthe end of2024the Board'sgeneral reserves, were £6.2m12023 £5.3ml. The general reserves ex￿ed those specified in the reserves policy due lo exceptional property disposals in 2024. Free reserves li.e. excluding tangible fixed assets} were £3.4m al the year end. Given the challenges CDBF may face in the future it is considered that this level of reserves is ￿aSOnable and will enable CDBF lo further its strategic objective of growing the Kingdom. Going concem The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect to a period of al least one year from the date of approval of these financial slatemenls. The Trustees have concluded that there are no material uncertainties related lo events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees are of the opinion that the charity will have sufficient resources lo meet ils liabilities as they fall due. This is because the charity has sufficient cash. In addition, the charity also holds Investments which can be realised in the short term to meet liabilities should a shortfall in income arise. In addition, the charity has designated reserves of £28.1 m, including £26.6m designated for ministry housing. If necessary, some properties Could be undesignated and sold to meet any cash flow shortfall should this be necessary in the medium term. For these reasons the Trustees continue to adopt the going con￿rn basis in preparing the financial statements and have concluded that there are no material uncertainties related to events or conditions that may cast significant doubl on the ability of the charity to continue as a going concern. Canterbury Diocesan Board of Finance 11

Trustees, report lincorporating the strategic report) Year ended 31 December 2024 FINANCIAL REVIEW Icontinuedl Pay policy for senior staff Senior Clergy are paid according to stipend scales set by the national church. The stipends for the Bishop of Dover and the Archdeacon of Maidstone lin lieu of the unused Bishop of Maidstone postl are borne by the Church Commissioners. The stipend of the Archdeacon of Canterbury is borne principally by Canterbury Cathedral. The stipend of the Archdeacon of Ashford is borne by CDBF. CDBF uses a system of job evaluation lo grade staff appropriately. Salaries usually increase each year to reflect changes in costs of living, where affordable, at levels set by the Senior Management Team. The HR Committee formally agree5 the appropriate cost of living uplifts in the light of these variables. Individual Salary reviews are set by the HR Committee where required who consider salary recommendations by Departmental Directors. As well as the job evaluation framework the HR Committee considers the local market In terms of benchmarking salaries to ensure staff are paid a fair wage for fair work and as such salaries may move with the market throughout the year. All changes to senior staff are sel independently from the Senior ManagementTeam by the HR Committee. Key management personnel are defined as the Trustees together with those employees listed in note 13 to the attached financial statements. PLANS FOR THE FUTURE Future developments Our shared diocesan Vision is lo be a confident, prayerful, generous, growing and just church. Diocesan Synod has adopted an ambibon for growth expressed by "Changed Lives -* Changing Lives" This is underpinned by the Three Bold Outcomes for 2030 that highlight what the future might look like.. every parish, benefi￿ and deanery showing signs of revitalisalion doubling the number of children and young disciples 200 new Christian communities. The strategy in Canterbury is simple". to empower the local church to deliver its mission. It will do this by seeking and providing resources lo parishes, benefices and worship communities and enabling parishes, benefices, deaneries lo deliver their priorities and to support our churches to grow. FUNDS HELD AS CUSTODIAN TRUSTEE ON BEHALF OF OTHERS The Board aels as Custodian Trustee in respect of trusts administered on behalf of managing trustees, which includes incumbents, churchwardens, Parochial Church Councils and other organisalions of the diocese. In 2000 the Board arranged for the Central Board of Finance lo take over the administration of investments held on behalf of parishes, except for Endowment Funds. The Board is still administering investments with a book value of £3.6m 12023 - £2.6ml. The assets of these funds are held separately from those of the Board. Canterbury Diocesan Board of Finance 12

Trustees, report lincorporating the strategic report) Year ended 31 December 2024 TRUSTEES. RESPONSIBILITIES STATEMENT The Trustees Iwho are also directors of Canterbury Diocesan Board of Finance for the purposes of company lawl are responsible for preparing the Trustees, report and the financial ststemenls in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charity and the group and of the income and expenditure of the group for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021., make judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial statements", and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity and the group's transactions and disclose with reasonable accuracy st any time the financial position of the charity and group 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 charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITOR Each of the persons who are Trustees at the time when this Trustees. report is approved has confirmed that". so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditor Is unaware, and the Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditor is aware of that information. Canterbury Diocesan Board of Finance 13

Trustees, report lincorporating the strategic report) Year ended 31 December 2024 AUDITOR Buzzacott Audit LLP was reappointed as slatulory auditor on 4 July 2024 and has indicated ils willingness to continue in office and a resolution proposing its reappointmentwill be put lo the Annual General Meeting. This report, incorporating the Strategic Report, was approved by the Trustees on 10 June 2025 and signed on their behalf on 25 September 2025 by.. Anthony Richter Trustee Canterbury Diocesan Board of Finance 14

Independent auditor's report Year ended 31 December 2024 Independent Auditor's RgPQrt to tho Members of Cantorbury Diocesan Board of Financo Opinion We have audited the financial statements of Canterbury Diocesan Board of Finance (the 'charilable parent company'l and of Canterbury Diocesan Board of Finance and its subsidiaries (the 'group'l for the year ended 31 December 2024 which comprise the consolidated statement of financial aclivilies, the consolidated summary income and expenditure account, the consolidated and charitsble parent company balance sheets, the consolidated statement of cash flows, the principal accounting policies, the notes lo the financial statements and the appendices. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, {Uniled Kingdom Generally A¢￿PIed Accounting Practicel. In our opinion, the financial statements.. give a true and fair view of the slate of affairs of the group and of the charitable parent company as at 31 December 2024 and of the group's ineome and expenditure for the year then ended., • have been properly prepared in accordance with United Kingdom Generally Accepted Aceounling Practice., and • have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, inclLJding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may east significant doubt on the group and charitable parent company's ability to continue as a going concern for a period of al least I￿e1ve months from when the fi'nancial ststemenls are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Canterbury Diocesan Board of Finance 15

Independent auditor's report Year ended 31 December 2024 other information Icontinuedl The Trustees are responsible for the other information. The other information comprises the information included in the Trustees, Report and Financial Statements, other than the financial statements and our audilorfs report Ihereon. Our opinion on the financial slalements does not cover the other Information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstalemenl In the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misststemenl of this other information, we are ￿qUired to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit". • the information given in the Trustees, report, which is also a directors, report for the purposes of company law and includes the strategic report, for the financial year for which the financial statements are prepared is consistent with the financial statements., and + the Trustees, report, which is also a directors, report for the purposes of company law and includes the strategic report, has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the group and the charitable parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report including the strategic report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion.. • adequate accounting records have not been kept by the charitable parent company, or returns adequate for our audit have not been received from branches not visited by us., or • the charitable parent company financial statements are not in agreement with the accounting records and returns", or • certain disclosures of Trustees, remuneration specified by law are not made.. or • we have not received all the information and explanations we require for our audit. Canterbury Diocesan Board of Finance 16

Independent auditor's report Year ended 31 December 2024 Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement in the Trustees, report, 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 and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of fi'nancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial stalemenls, the Trustees are responsible for assessing the group's and the charitsble parent company's ability lo continue as a going concern, disclosing. as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend to IiqLJidale the group or the charitable parent company or to cease operations, or have no realistic alternative but lo do so. Audltor's responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are tree from material misstalemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit ondu¢led in accordan￿ with ISAS IUKI will always delect a material misstalemenl when it exists. Misslalements can arise from fraud or error and are considered material if, individually or In the aggr￿ale, they could reasonably be expected lo influence the economic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, are instances of non•compliance with laws and regLJlations. We design procedures in line with our responsibilities, outlined above, lo delect material misslalements in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of material misstslemenl in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. • the audit partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations", • we identified the laws and regulations applicable lo the charitable company through discussions with Trustees and management, and from our commercial knowledge and experience of the sector,. • we focused on specific laws and regulations which we considered may have a direct material effect on the financial ststements or the operations of the charitable company, including the Charities Act 2011", the Companies Act 2006," Church Assembly and General Synod Measures", and safeguarding regulations., • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management., and • identified laws and regulations were communiealed within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. Canterbury Diocesan Board of Finance 17

Independent auditor's report Year ended 31 December 2024 Auditorfs responsibilities for the audit of the financial statements Iconlinued) We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by". • making enquiries of management and representatives of those charged with governance as lo where they considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud,. and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. • perfomied analytical prO￿dureS to identify any unusual or unexpected financial relationships., • tested journal entries to identify unusual financial Iransaclions., • assessed whetherjudgemenls and assumptions made in detemiining the accounts'ng estimates set out in the accounting policies were indicative of potential bias., perfomied substantive testing on expenditure., and • investigated the rationale behind significant or unusual financial Iransaclions. In response lo the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to". • agreeing financial statement disclosures to undedying supporting documentation", • reading the minutes of meetings of those charged with governance,. and • enquiring of management and representab'ves of those charged with governance as to actual and potential litigation and claims. There are inherent limitations in our audit pmcedures described above. The more removed that laws and regulations are from financial Iransaclions, the less likely it is that we would become aware of non- compliance. Auditing standards also limit the audit procedures required lo Identify non-compliance with laws and regulations lo enquiry of Trustees and management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due lo fraud can be harder lo deleet than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al www.frc.org.uklauditorsresponsibilities. This description forms part of our audilorfs report. Canterbury Diocesan Board of Finance 18

Independent auditor's report Year ended 31 December 2024 Use of our report This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable company's members those matters we are required to stale lo them In an audilorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable eompany's members as a body, for our audit work, for this report, or for the opinions we have formed. Catherine Biscoe Isenior Statutory Audilorl For and on behalf of Buzzacott Audit LLP, Slatulory Auditor 130 Vvood Street London EC2V 6DL Date.. 26 September 2025 Canterbury Diocesan Board of Finance 19

Consolidated statement of financial activities Year lo 31 De￿rnber 2024 Un- restricted Restricted Endowment funds funds funds £'ooo £'ooo £'ooo Total funds 2024 £'ooo Total funds 2023 £'ooo Notes Incorne and endowments from.. Donations and grants Charitable activities Other trading activities Investments and interest Other 50urce5 Total income and 8ndowments 7,156 1,230 240 436 1.832 651 8,988 1.881 240 436 992 8,850 1,772 92 419 85 773 219 9,062 3.256 219 12.537 11,218 Expenditure on.. Raising funds Charitable activities Total expendlture 143 9,577 9,720 143 11.745 11.888 205 11,631 11,8 2.168 2.168 10 Net lexpendlturel Income before investment gains Ilossasl Nel gains on investments 16581 43 1.088 19 219 71 649 133 16181 2,934 16 Net lexpenditurel income before transfers Tran5fer5 between lunds Net lexpenditurel income forthe year 16151 250 13651 1.107 12501 857 290 782 2,31e 20 290 782 2,316 other recogni¥ed gains and 108ses'. Gains Ilossesl on revaluations of tangible fixed assets 15 2,046 2,046 14,0161 Net movement In funds 13651 857 2,336 2,828 11,7001 Reconciliation of funds Total funds brought forward Total funds carrfed foN•ard 34,675 34,310 2,219 3,076 63,426 65.762 100.320 103.148 102,020 100,320 All activities relate to continuing operations in both the above financial years. The unrestricted fund column above comprises both general funds and designated funds. Details of the analysis bebmeen these funds Can be found in note 20 to these financial statements. At 31 December 2024, general and non-charilable trading funds were £6,163k 12023 £5,31 Okl whilst designated funds (many of which represent ministry housing) amounted to £28.1 m12023- £29.4ml. Canterbury Diocesan Board of Finance 20

Consolidated summary income and expenditure account Year to 31 December 2024 2024 £'ooo 2023 £'o(xJ Note Income Less.. Expenditure 12.318 111,8881 11,181 111,7901 Net income lexpenditurel for the year before transfers and investment gains and losses Net gains on inve5ttnents Transfers from endowment funds Net income for financial year 430 62 16091 205 13,427 13,023 20 492 The income and expendilLJre account is derived from the Statement of Financial Activities with movements in endowment funds excluded to comply with company law. All activities relate lo continuing operations. Canterbury Diocesan Board of Finance 21

Balance Sheets 31 December 2024 Company Registration Number 00145650 Group 2024 Group 2023 Charity 2024 Charity 2023 Notes É'ooo £'ooo £'ooo £'O(K) Fixed assets Tangible fixed assets Investments 15 85.864 10,756 96.620 85,087 10,623 95,710 85.864 10,757 96,621 85,087 10,624 95,711 16 Current assets Debtors Cash al bank and in hand 987 8,870 9,857 1,288 7,019 8,307 1.017 8,450 9,467 1,303 6,723 8,028 Creditors.. amounts tslling due wf(hin one year Net current assets 18 12,5511 7.306 12.9191 5,388 12,5001 6.967 12.8771 5,149 Total assets less current liabilities 103,926 101,098 103,S88 100,860 Créditors.. amounts falling dLJe after MO￿ than one year Net assets 19 17781 103,148 17781 100,320 17781 102,810 17781 100,082 Funds Endowment fund5 Restricted funds Unrestricted funds Designated funds General funds Non-charilable trading funds Total funds 20 20 65.762 3,076 63,426 2,219 65,762 2,960 63,426 2,108 20 20 2B.147 5.926 237 29,365 5,198 112 2B.147 5.941 29,365 5,185 20 103,148 100.320 102,810 100,082 The financial statements were approved by the Trustees on 10 June 2025 and signed on their behalf on 25 September 2025 by. Anthony Richter Trustee Canterbury Diocesan Board of Finance 22

Consolidated statement of cash flows Year to 31 December 2024 2024 2023 Note £'ooo £'ooo Cash flows from operating activities Net cash used in operating activities 18171 16551 Cash flows from investing activities Investment income and interest received Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Net cash provided by (used inl investment activities 436 2,262 1301 2.668 419 85 17001 11961 Change in cash and cash equivalents In the year Cash and cash equivalents brought forward Cash and eash equivalènts earrièd forward 1,851 7.019 8,870 18511 7,870 7,019 A. Reconciliation of net income for the year to net cash {used inl generated by operating activities 2024 2023 £'ooo E'ooo Net income for the year las per the statement of financial activities) Adjustment for: Depreaation charges Gains on investments Investment income and interest receivable Gains on fixed asset property dispos815 Decrease in debtors (Decieasel increase in creditors excluding loans Net cash used In operating activities 782 2,316 29 11331 14361 19921 301 13681 18171 21 12.9341 14191 1851 283 163 16551 Analysls of cash and cash equlvalents 2024 2023 £'ooo £'o Cash at bank and in hand 8,870 7,019 Net Idebtl funds 2023 Cash flows £'ooo £'ooo 2024 £'ooo ash and cash equivalents 7,019 1.851 8.870 Borrowings Debt due within one year Debt due after one year 11451 17781 19231 11451 17781 19231 Total 6,096 1,851 7.947 Canterbury Diocesan Board of Finance 23

Principal accounting policies Year ended 31 December 2024 Basis of accounting The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below. Basis of preparation These financial statements have been prepared for the year to 31 December 2024 with comparative information provided for the year lo 31 December 2023. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise slated in the relevant accounting policies below or the notes lo these financial statements. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Pfftctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The financial stslemenls have been drawn up in accordance with the requirements of the Companies Act 2006 except where the special nature of the Canterbury DI(￿esan Board of Finance's operations has required adaptation of the formals as allowed by section 396151. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements are presented in sterling and are rounded to the nearest thousand pounds. Basls of consolldatlon The financial statements eonsolidate the accounts of Canterbury Diocesan Board of Finance and all its subsidiary undertakings I'subsidiaries'l. The charity has taken advantage ofthe exemption contained within section 408 of the Companies Act 2006 not to present ils own income and expenditure account. Gross income of the charity of £12,440k12023 - £11,211 kl and surplus of £777k12023- £2,326kl has been dealt within the accounts of the charity. Company status The charity is a company limited by guarantee, Company Registration Number 00145650 (England and Wales). Every member of Diocesan Synod is a member of CDBF for company law purposes. In the event of the charity being wound up the liability In respect of the guarantee is limited lo £1 per member of the charity. The company's address and other reference information is shown on pages 1 and 2. Fund structure The unrestricted funds comprise those monies which may be used towards meeting the charitable objectives of the charity and may be applied at the discretion of the Trustees. Certain unreslri¢led funds have been set aside and designated for specific purposes by the Trustees. The restricted funds are monies raised for, and their use restricted lo, a specific purpose, or donations subject lo donor-imposed conditions. The endowment funds comprise assets which normally must be held as capital but, where permilled, may be applied towards meeting certain charitable aims. The income therefrom may be used either in accordance with the donors, wishes, if stipulated, or for general purposes. Canterbury Diocesan Board of Finance 24

Principal accounting policies Year ended 31 December 2024 Fund structure Iconlinuedl The non-charitable trading funds represent the accumulated gains and losses arising on the charity's trading subsidiaries. Critical accounting estimates and areas of judgement Preparation of the financial statements requires the Trustees and management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include.. the useful economic life and residual values of tangible fixed assets ft)r the purpose of determining the annual depreciation charge., the valuation of investment propety and benefice properties., and the underlying assumptions in the actuarial valuations of the defi'ned benefit schemes and the recoverability of debtors and any provision for bad or doubfful debts. The Trustees Consider valuation of benefice properties lo be the area of judgement and estimation that has a significant effect on the financial statements. Further details of these judgements are given in note 15. Going concem The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect to a period of al least one year from the date of approval of these financial statements. The Trustees have concluded that there are no material uncertainties related lo events or conditions that may cast significant doubl on the ability of the charity to continue as a going concern. The Trustees are of the opinion that the charity will have suffi'cient resources lo meet ils liabilities as they fall due. This is because the charity has sufficient cash. In addition, the charity also holds investments which can be realised in the short term to meet liabilities should a shortfall In income arise. In addition, the charity has designated resetves of £28.1 m, including £26.6m designated for ministry housing. If necessary, some properties could be undesignated and sold to meet any cash flow shortfall should this be necessary in the medium term. For these reasons the Trustees continue lo adopt the going con￿rn basis in preparing the financial slalements and have concluded that there are no material uncertainties related to events or conditions that may cast significant doubl on the ability of the charity to continue as a going concern. Income Income is recognised in the period in which the charity is entitled to receipt, the amount can be measured reliably, and it is probable that the funds will be received. Income comprises donations, including Parish Share income, income from listed investments, interest receivable, income directly related to charitable activities (including grants), income from trading activities, the surplus on disposal of tangible fixed assets, rental income and miscellaneous income. Canterbury Diocesan Board of Finance 25

Principal accounting policies Year ended 31 December 2024 Income Icontinuedl Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. If a donation is subject lo conditions that require a level of performance before the charity is entitled lo the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilmenl of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled In the reporting period. In accordance with the Charities SORP FRS 102 volunteer time is not recognised. Grants from government and other agencies have been included as income from activities in furtherance of the charity's objectives where these amount to a contract for services, but as donations where the money is given in response to an appeal or with greater freedom of use, for example monies for core funding. Income is deferred only when the charity musl fulfil perf0mlan￿ related conditions before becoming entitled lo il or where the donor or funder has specified that the income is to be expended in a future accounting period. Investment income is rec￿niSed once the dividend or similar income has been declared and notification has been re￿iVed of the amount due. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity," this is normally upon nolificalion of the interest paid or payable by the bank. Income from charitable activities comprises parochial fees received for occasional offices including baptisms, weddings and funerals and School Condition Allocation grant funding. Income from other trading activities includes the income received from third parties by the charity's trading subsidiaries. Such income is measured at the fair value of the consideration received or receivable, excluding discounts and rebates. Gains or losses on the disposal of propety assets are calculated as the difference between the sale proceeds nel of sale costs and the nel book value of the asset immediately prior lo disposal. They are accounted for once legal completion of the disposal has taken place. Expenditure Expenditure is included in the stslement of financial activities when incurred and includes any attributable VAT which cannot be recovered. Expenditure comprises the following.. al Expenditure on raising funds comprises the expenditure of trading subsidiary companies. bl Expenditure on charitable activities which comprises expenditure on the charity's primary charitable purposes as described in the Trustees, report i.e. promoting and assisting the work of the Church of England for the advancement of the Christian faith in the Diocese of Canterbury. The expenditure includes both costs that can be allocated directly to such activities and those indirect costs necessary to support them. Support costs are those costs which enable charitable activities lo be carried out. These costs include the expenses relating to finance, human resources, communications and information technology. Vvhere expenditure incurred relates to more than one activity il is apports'oned using the most appropriate basis. Canterbury Diocesan Board of Finance 26

Principal accounting policies Year ended 31 December 2024 Expenditure {conlinuedl Grants payable are included in the statement of financial activities when approved and committed. Commitment will usually arise when the intended reeipienl has either received the funds or been informed of the decision lo make the donation. Property. plant and equipment All assets costing more than £1,000 and with an expected useful life exceeding one year are capilalised. Laptop and desktop Computers Costing under £1,000 are also capitalised. Freehold propety consists of buildings designed as, and used wholly or mainly for, private residential accommodation and other freehold buildings such as Diocesan offices. Freehold propety is not depreciated as their value and conditions are reviewed annually by the Trustees, who are satisfied that their residual value is not materially less than their book value. Office equipment is vrritten off over a period of three to len years, based on cost, In order lo write the cost of each asset off over its estimated useful life. Benefice property CDBF has followed the requirements of FRS 102 in its aecounling treatment for benefice houses. FRS 102 requires the accounting treatment lo follow the Substan￿ of arrangements rather than their strict legal form. CDBF is formally responsible for the maintenance and repair of benefice houses and has some jurisdicb'on over their future use or potential sale if not required as a benefice house, but in the meantime legal tille and the right lo beneficial occupation Is vested in the incumbent. Therefore, the Trustees consider the most suitable accounting policy to be lo capitalise such properties as expendable endowment assets and to carry them at their estimated market value. Approximately one-fifth of the properties are valued each year and those properties not revalued in the year are revalued by reference lo appropriate property indices. The valuation based on estimated market value assumes good title bul there are some properties which have restrictive covenants for ecclesiastical purposes which may reduce the estimated market value. Investments Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet dale using the closing quoted bid price. Glebe property mainly consists of agricultural land and is included in the financial ststements al a valuation determined based on revaluation every 5 years by an external surveyor. Some glebe properties have development potential bul due to the uncertainties in the planning process these are not revalued unless planning permission has been granted and a willing purchaser exists. Realised gains lor losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired after the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains lor losses) are combined in the statement of financial activities and are credited lor debiledl in the year in which they arise. Operating leases Rentals under operating leases are charged to the statement of financial activities on a slraight-line basis over the lease term. Canterbury Diocesan Board of Finance 27

Principal accounting policies Year ended 31 December 2024 Debtors Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. Cash at bank and in hand Cash al bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three Months from the date of acquisition. Creditors and provisions Creditors and provisions are recognised when there is an obligation at the balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised al the amount the charity anticipates il will pay lo settle the debt. Financial instrumonts The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Apart from fixed asset investments held at fair value, basic financial instruments are initially recognised at transa¢lion value and subsequently measured al amortised cost using the effective interest method. Pensions The charity operates four pension schemes as more fully described in note 22". il A defined benefits scheme for clergy- the Church of England Funded Pensions Scheme ill A defined benefits scheme for certain diocesan staff now closed to new staff - the Church of England Defined Benefits Scheme IDBSI, part of the Church Workers Pension Fund iiil A defined benefits scheme for diocesan staff - the Church of England Pension Builder Classic Scheme, part of the Church Workers Pension Fund iv) A defined contribution pension scheme for diocesan staff not included in the above schemes The pension costs charged as expenditure represent CDBF'S contributions payable in respect of the accounting period, in accordance with FRS 102. Custodian funds Funds held by the charity on behalf of parishes, church schools and other entities and over which the charity has no power lo make management decisions are classified as custodian funds and are not included in the financial statements. Instead, the funds held are disclosed by way of a note lo the financial statements. School major repair and capital projects The SCA (School Condition Allocalionl grant funding received is recognised in the statement of financial activities along with the related expenditure. Canterbury Diocesan Board of Finance 28

Notes to the financial statements Year lo 31 December 2024 1. Income from: Donations and grants Unrestricted funds £'ooo Restricted funds £'ooo 2024 £'ooo 2023 £'ooo Parish Share Arohbishops, Coun￿1 Benefact Trust Other donation5 8Nd grants Total funds 7,151 7,151 1,578 97 162 7,257 1,257 113 223 1,578 97 157 7,156 1,832 8.988 8,850 2. Income from: Charitable activities Unrestricted funds £'ooo Restricted funds £'ooo 2024 £'ooo 2023 £'o(M) Parochial fees for occasional offices (see lal below) Rentsl inctsme Department for Education capital grants (see Ib} below) Total funds 293 937 293 965 623 1.881 361 797 614 1,772 28 623 651 1,230 {al Occasional offices include weddings and funerals. {bl The charity assists voluntary aided schools with school building projects and the provision of IT equipment. SCA grant funding is included as income in the SOFA along with the related expenditure. Income from: Other tradlng actlvltles Unrestricted funds 2024 2023 £'ooo £'o Income generated by subsidiary trading companies other trading inoome Total funds 83 1S7 240 74 92 Income from subsidiary trading companies represents work done by Canterbury Diocesan Enterprises Limited and Ethos School Improvement Limited for third parties outside of the group. Work done by Canterbury Diocesan Enterprises Limited for CDBF of £210k 12023 £209kl has been eliminated on consolidation. Income from- Investments and interest Unrestricted funds 2024 2023 £'ooo £'O(K) Investment income Bank and othei interest ieceivable 288 148 436 244 175 419 Total funds Canterbury Diocesan Board of Finance 29

Notes to the financial statements Year lo 31 December 2024 Income from: Other sources Restricted Endowment funds funds £'ooo £'ooo 2024 £'ooo 2023 £'ooo Gains on disposal of fixed assets Total funds 773 773 219 219 992 85 85 992 The gains on property disposals relate lo the disposal of properties deemed surplus lo requirements. Expenditure on: Raising funds Expenditure on raising funds comprises the expenditure of subsidiary trading companies. Analysis of grant funding activities Included within expenditure on charitable activities Inole 81 are the following grants.. 2024 £'ooo 2023 £'ooo Number Numbei From unrestricted funds for National Church responsibilities Contributions to Aichbishops, Counal 519 535 From rnstrictad funds Education grants for school building projects Ministry grants 17 29 390 864 860 835 36 From unrestricted funds Deanery grants Parish and Ignite project grants 11 18 10 12 1,801 2,249 The provision of diocesan grants, using the Archbishops, Council funding allocation, continues to see the diocese giving financial assistance to parishes to leverage their mission. In 2024, £864k12023 - £835kl was spent In targeting parishes which can most benefit from grant funding for mission and ministry. Canterbury Diocesan Board of Finance 30

Notes to the financial statements Year lo 31 December 2024 Expenditure on: Charitable activities Totsl fund 2024 £'ooo Total funds 2023 £'ooo Unrestricted funds £'ooo Restricted funds £'ooo Contribution8 to Archbishops, Coun¢il= Training for ministry Nation81 church responsibilitie5 Grants and provisions Mission 8g8ncy p8nsion costs Retired clergy housing costs Pooling of ordinands. Tnaintenance grants 238 142 24 238 142 24 235 138 24 99 16 519 99 16 519 93 37 535 Resourcing Ministry and Mission.. Parish Ministryand Social Justice Stipends National Insuran Pension contributions Housing costs Apprenticeship levy Removal and resettlernent Costs Other expenses Lay and ordinand training Mission development grants Other grants Social justice 2,925 237 652 1,649 14 177 119 205 28 2.925 237 652 1,649 14 1TT 249 220 892 2,899 226 712 1,706 98 274 130 15 864 854 20 114 7,204 86 7.101 6,006 1,095 Senior Clergy Stipends, Nl and Pensions Housing cost allocation 53 38 91 53 38 91 47 38 85 Strategic InvestmentPmjects Ise8 b81ow) 24 682 706 Support costs (see note 91 2.584 2,584 2,112 Total expenditure on resourcing Ministryand hlission 8,705 1,777 10.482 9,909 Expenditure on education.. Support for church schools and young people Schod building grants (see note 21 Totsl funds 353 354 327 860 11,631 9.577 2,168 11.745 The 2023 expenditure is analysed by fund in the appendix. Reslricled expenditure on Strategic Investment Projects comprises expenditure on projects to enable the Diocesan Strategy of'changed Lives￿ Changing Lives,. Canterbury Diocesan Board of Finance 31

Notes to the financial statements Year lo 31 December 2024 Analysis of support costs Unrestricted funds 2024 £'ooo 2023 £'ooo Administration Salaries National Insui8nc8 Pensions Administration, office and other indirect costs 1,45S 143 98 689 1,278 121 279 309 Governance External audit Di0￿38n Synod and Archbishop'5 Council National Synod Regi5trai Statutory accounts preparation Strategic management Total support costs 104 31 1S 63 10 15 2,112 10 14 2,584 10. Analysis of total expenditure Activitie5 directly undertaken £'OC4) Grant fvnding of activities £'OC4) 2024 Totsl funds £'ooo 2023 Total funds £'ooo Support costs £'oco Raising funds Charitable activities Contributions to Archbishops, Council Resouicing Ministry and Mission Education 143 143 205 519 892 519 10,482 744 535 9,909 1,187 11,836 7,006 354 2,584 7,503 1,801 2,584 11,888 The 2023 expenditure is analysed by activity in the appendix. 11. Net (expenditure) income for the year This is stsled after charging.. 2024 £'ooo 2023 £'ooo Depreciation ol tangible fixed assets owned by the charitable group Operating le8se rentals 29 49 21 20 12. Auditofs remuneration 2024 £'ooo 2023 £'OCM) Audit of the charity's annual accounts and those of subsidiary trading companies.. -Cutrent ye81 -Prior year Taxation setvices to the groLJP 52 52 10 31 Canterbury Diocesan Board of Finance 32

Notes to the financial statements Year lo 31 December 2024 13. Stipends and Stsff costs 2024 £'ooo 2023 £'ooo Wages, salaries and stipends Social security costs Other pension costs 4.860 427 77S 6,062 4,657 391 1,051 6,099 Defined benefit scheme operating cost Apprenticeship levy 14 6,077 6,113 The average number of persons employed by the group during the year was as follows.. 2024 No. 2023 No. Clergy, Curates and Senior Staff Di0￿san House Iincluding 5tiategic pioj8Ct51 108 61 169 113 57 170 The number of employees with remuneration in excess of £60,000 (including tsxable benefits but excluding employer pension and national insurance contributionsl was.. 2024 No. 2023 No. In the band £60,001- £70.000 In the band £70,001 £80,000 Employer pension scheme costs under employment contracts in respect of the above higher paid employees were £40,92112023- £34,535>. Remuneration of key management personnel Key management personnel are deemed lo be the Trustees and those having authority and responsibility, delegated to them by the Trustees, for planning, directing and controlling the activities of the diocese. During 2024 the key management personnel were the Trustees and the following.. Diocesan Secretsry and Company Secretary Director of Communications Director of Education Director of Finance Director of HR Director of Mission and Ministry Head of Property Remuneration including taxable benefits and employer national insurance and pension contributions for these 7 positions amounted to £532,301 12023- £527,258). Canterbury Diocesan Board of Finance 33

Notes to the financial statements Year lo 31 December 2024 14. Trustees. remuneration No Trustees received any remuneration in connection with their duties as trustees during the year12023- none). During the year several Trustees, who are also clergy within the diocese, received stipends from. andlor were provided with housing by, the charity in connection with their religious and pastoral duties within the diocese. The following table gives details of the Trustees who were in receipt of a stipend (including pension), part stipend lincluding pension) andlor housing provided by CDBF during part or all of the year, either directly or via a spouse. Stipend Housing The Bishop of Dover The Archdeacon ofAshford The Archdeacon of Canterbury The Archdeacon of Maidslone The Venerable Stephen Taylor (resigned 1 May 20241 The Revd Gareth Dickinson The Revd Estella Last The Revd Canon Dr Jeremy Worthen The Revd Andrew Bawtree No Yes Yes No No Yes Yes Yes Yes Yes Yes No Yes No Yes Yes Yes Yes Eight trustees12023- four) received reimbursement of expenses of £10,46512023 - £12,512) in respect of General Synod duties, duties as archdeacon and other duties as trustees. 15. Tanglble flxed assets Freehold property Office equiprnenl £'ooo Benefice property Total Group and charity Cost or valuation At 1 January 2024 Additions Disposals Revaluations Al 31 Decernber 2024 £'ooo £'O(K) £'ooo 31,360 303 27 54,562 86,225 30 11,2701 2,046 87,031 11.2701 2,04e 56,608 30,093 330 Depreciation At 1 January 2024 Charge for the year Al 31 Decernber 2024 Net book values At 31 December 2024 876 262 29 291 1.138 29 1.167 876 29.217 30.484 39 56.608 54,562 85.864 85,087 At 31 Decernber 2023 41 Benefice houses are revalued on a five-year cycle by a member of the charity's property team who holds a Chartered Surveyor qualification. Approximately one-fifth of the properties are valued each year and those properties not revalued in the year are revalued by reference lo appropriate propety indices. The valuation based on estimated market value assumes good tille bul there a￿ some properties which have restrictive covenants for ecclesiastical purposes which may reduce the estimated market value. All other tangible fixed assets are included in the financial slalements at cost. Canterbury Diocesan Board of Finance 34

Notes to the financial statements Year lo 31 December 2024 16. Fixed asset investments Glebe property £'ooo Listed investments Total £'ooo Group £'ooo Market value At 1 January 2024 Net inveslrnent gains Al 31 Decernber 2024 3,826 6,797 133 6,930 10.623 133 10,756 3.826 Historical cost 3,826 3,826 In 1978, when the Endowment and Glebe Measure 1976 came into effect, the ownership of all glebe land was transferred from the incumbents of benefices to the Diocesan Board of Finance al nil cost. The Glebe properties were revalued by an independent surveyor using market based evidence for similar properties sold in the local area. Glebe property £'ooo Investment in subsidiaries £'ooo Listed investrnents £'O(M) Total £'ooo Charity Cost or valuation At 1 January 2024 Net investment gains Al 31 Decernber 2024 3,826 6,797 133 6,930 10,624 133 10,757 3.826 Net book values At 31 December 2024 At 31 December 2023 3,826 3,826 6.930 6,797 10,757 10,624 All the fixed asset investments are held in the UK. The listed investments are held in Church of England Central Board of Finance funds managed by CCLA Investment Management Limited. Further details of subsidiaries are provided in note 24. At 31 December 2024, the listed investments included the following holdings deemed material In the context of the entire portfolio of listed investments. Value £'ooo ./) of portfolio Holding Property fund Investment fund 1,270 5,631 18.32 81.24 Canterbury Diocesan Board of Finance 35

Notes to the financial statements Year lo 31 December 2024 17. Debtors Group 2024 £'ooo Charity 2024 £'ooo 2023 £'ooo 2023 £'ooo Parish Share due Amounts owed by subsidiaries Other debtors Prepayments Accrued income 112 130 112 51 388 27 439 130 38 443 244 448 406 30 439 463 246 449 987 1,288 1.017 1,303 18. Creditors: amounts falling due within one year Group 2024 Charity 2024 2023 2023 £'ooo £'ooo £'ooo £'ooo Other loans Amounts owed to subsidiaries Expense creditors Other taxation and social security Other ci8ditors Accruals and deferred income 145 145 2S 165 51 2,087 27 145 10 176 S1 2,094 85 383 58 2,171 113 2,189 144 2,551 2,919 2,500 2,877 Other loans comprise Value Linked Loans of £145,000 12023 - £145,000) for the purchase of special needs housing (purchased on behalf of the Church Commissioners). These loans are only repayable in the event of a sale of any of the properties and interest is charged on these loans at a variable rate. 19. Creditors: amounts falling due after rnore than one year Group 2024 harity 2024 2023 2023 £'ooo £'ooo £'ooo £'o Other loans 778 778 778 778 The above other loans are repayable within the following limescales.. Group 2024 Charity 2024 2023 2023 £'ooo £'ooo £'ooo £'ooo Repay8ble other than by instslments within 1-2 years Repayable other than by instalments within 3-5 years 433 345 433 345 778 778 778 778 778 778 The other loans consist of three 12023 three) interest only mortgages which are secured on freehold properties. Interest on the loans is charged at 1.500/0 above base rate. Canterbury Diocesan Board of Finance 36

Notes to the financial statements Year lo 31 December 2024 20. Ststement offunds Carried forward at 31 De¢ember 2024 £'ooo Brought fon￿ard 8t 1 January 2024 £'ooo Transfers in Incorne Expenditure £'ooo £'ooo IoLrtI £'ooo Gains £'ooo Endowment funds Ministry Trust Fund Clergy Training Fund Tait Mission Fund Benefi￿ Properties Fund Board of Education General Fund Stipend5 Capital Fund (Glebe landl 2,221 623 238 54,150 1,437 4,757 63,426 46 13 2.267 636 243 56,196 1,437 4.983 65.762 2,046 219 219 2,117 Restricted funds Clergy and Spouses Retirement Fund Benefact Trust Lower Income Communities Fund Resourcing Ministerial Education Strategic Investment Projects School Buildings Fundlsee note 21 Education Funds Other FLJnd5 (including Stiategyl Social Justice Nefv4ork Diocesan Pastoral Account Fund 821 304 19 97 864 1421 786 623 1971 18641 1161 15851 13WI 121 11051 1861 1231 12,1681 12791 25 48 202 316 222 253 16el 83 212 343 114 302 2,219 67 1391 90 773 3,256 1.052 3,076 12501 19 Designated fiJnd5 Ministry Housing Spirituality Fund Witney Fund Training Fund 27,906 257 1,179 23 29,365 11,26n 26.639 35 1201 23 1,217 23 28.147 42 1201 11,2671 27 General funds General Social Justice Nefvlork Totsl unrestrictsd funds 5,183 15 34.563 8,604 123 8.769 19,3921 11401 19,5521 1,517 16 5,928 121 34,073 250 43 Total Charity funds lincluding The Social Justice Netsvorkl Non-charitable trading funds Total Group funds 100,208 112 100,320 12,244 293 12,537 111,7201 11881 111,8881 2,179 102,911 237 103,148 2,179 Canterbury Diocesan Board of Finance 37

Notes to the financial statements Year lo 31 December 2024 20. Ststement of funds Iconlinuedl Carried forward at 31 December 2024 £'ooo Brought forward al 1 January 2024 £'ooo Transfers in Income £'ooo Expenditu £'ooo Gains Summary: Groupfunds 2024 £'ooo £'ooo Designated fund5 General funds land non- charitsble trading funds) Unrestricted funds Endowment funds Restricted fund5 Total fund5 29.365 42 1201 11,2671 27 28,147 5.310 34.675 63.426 2.219 100,320 9.020 9.062 219 3.256 12,637 19,7001 19,7201 1,517 250 16 43 2,117 19 2,179 6,163 34,310 65,762 3,076 103,148 12,1681 111.8881 12501 Designated Funds il Ministry Housing This fund consists of Ministry Housing properties. ill Spirituality Fund - The fund represents the sale proceeds of St Gabriel's Retreat House for financing a part lime Diocesan Spirituality Adviser and making grants to assist Parishes and individuals to take retreats. iiil Witney Fund This fund consists of a legacy trom the Estate of the Late Dr Raymond Witney. The Board resolved that the capitsl of the fund should be retained intact and the income be used to assist in the promotion of the Christian faith in the diocese. iv) Training Fund The purpose of this fund is to provide grants to clergy to supplement their training needs as appropriate. This fund re￿iVeS unused Continuing Ministerial Education contributions and the income arising from the Cobbe Holiday Trust Fund Iwith the approval of the Charity Commission). Gener81 Funds General funds consist of the accumulated surpluses, less deficits, on unrestricted funds, excluding designated fund movements. Non-charitable trading funds These funds consist of the unrestricted funds of the trading subsidiaries. Endowment Funds Pemianenl Endowment Funds The endowment funds, whereby the capital may not be expended and the income may be applied as specified are as follows.. il Ministry Trust Fund Income to be applied for stipends. The fund comprises the Slanden Bequest, the Spooner Bequest, the A T Wiggins Bequest, the Parsonage Repair Fund, and the Dame Stancombe-wills Fund. ill Cleryy Training Fund - Income to be applied for clergy training. The fund comprises the Candidates for the Ministry Fund, the Holl Fund and the Knight Trust Fund. iiil Tait Mission Fund - Income to be applied for the expenses of the Tail Missioner. Canterbury Diocesan Board of Finance 38

Notes to the financial statements Year lo 31 December 2024 20. Ststement of funds Iconlinuedl Endowment Funds (continued) Perman8nl Endowment Funds (continued) iv) Stipends Capital Fund - This fvnd has been created from the diocesan stipend fvnd capital account assets held on behalf of the diocese by the Church Commissioners under the Endowment and Glebe Measure 1976 to provide income for clergy stipends. It represents the accumulated sale proceeds of glebe property, sale proceeds of benefice houses and surplus benefice endowments following pastoral reorganisalions. Income of the fund is automatically applied to stipends but, at the request of the Bishop, and with the concurrence of the Board, the capital of the fund can be applied for the purchase maintenance and improvement of glebe property and benefice houses. This fund has been reclassified from expendable endowment to permanent endowment during the year as this more accurately reflects the nature of the fund. Expendable Endown7ent Funds il Benefice Properties Fund The fund consists of resources restricted to provision of benefi￿ houses which are vested for the lime being in the incumbents of the benefices concerned. The CDBF is obliged to maintain them and lo ensure that there are sufficient benefice houses for the pastoral structure of the diocese. Sale proceeds of benefi￿ houses surplus to requirements may be transferred into the diocesan pastool account fund or other funds following specific agreement of the Church Commissioners. During the prior year £367k was transferred from the Benefice Properties Fund lo the Ministry Housing Fund following schemes approved by the Church Commissioners. ill Board of Education General Fund The proceeds of sale of redundant properties are held on a separate endowment fund under s554 of the Education Act. The capital of funds awaiting Orders from the Secretary of Slate are not available for use until such time as they are included in a charitable order or scheme which may require funds to be disposed of to other parties in part or in full. Other proceeds of sale of redundant properties are held until the completion of replacement schools. In these cases the proceeds of sale may be used lo offset expenses relating lo the new school projects. Restricted Funds Reslricled funds comprise of.. il Clergy and Spouses Retirement Fund The following restricted funds specify that both capital and income must be applied for retired clergy and spouses.. C S Thomas Mrs A W Mannell Bequest R&MPrall Dorothy Mowll Will Trust ill Benefact Trust - These funds, which are intended to be recurring but are expected to decline over lime, must be used for projects of regional or national significance and may be spread over up lo three years. iiil Lower Income Communities Fund - The fund consists of income from Archbishops, Council lo make provision for the cure of souls in parishes where such assistance is most required. iv) Resourcing Ministerial Education- The fund consists of income from Archbishops, Council to support ordinand training. Canterbury Diocesan Board of Finance 39

Notes to the financial statements Year lo 31 December 2024 20. Ststement of funds Iconlinuedl Restricted Funds (continued) vl School Buildings Fund This fund consists of funding received from the DfE under the School Condition Allocation (see note 21. vil Education Funds - This fund consists of monies from the sale of a closed school. These funds are likely lo be subject lo an order under s554 of the Education Act and will then be transferred to the Board of Education expendable endowment fund. vill Other Funds (including strategy) These funds consist of various funds for projects including the Diocesan Strategy. viiil Diocesan Pastoral Account Fund The purposes for which this fund may be used are laid down in Section 94 of the Pastoral Measure 2011 and comprise.. grants and loans for parsonage and church provision, restoration, improvement or repair., costs of disposing of or maintaining houses and churches vested in the Board or Commissioners by the Measure", transfers to Stipends Capital Fund of capital or income., other purposes of the Diocese or any benefice or parish. The fund receives the sale prO￿edS of churches and parsonages, which have become redundant under pastoral reorganisalion when it is specified that they should be paid into this fund. The fund includes monies set aside by the Pastoral Committee for mission and development in parishes. The analysis of the movements in funds for 2023 is included in the appendix. 21. Analysi$ of net assets between funds An analysis of the group net assets betsveen funds at 31 D￿rnber 2024 is given below.. Totsl fund8 2024 £'ooo General Designated Restricted Endowment fund5 fund5 funds funds £'oc £'ooo £'ooo £'ooo Group 2024 Tangible fixed 8ss8ts Fixed asset investments Current assets Creditors due within one year Creditors dLJe in more than one year Total funds 2,716 394 4,308 17391 15161 6,183 26,540 1,720 1,255 11,1061 12621 28,147 56.608 7,722 1,432 85,864 10,756 9.857 12,5511 17781 103,148 920 2,862 17C61 3,076 S5,762 General funds include non-charitable trading funds of £237k {2023 - £112kl. The 2023 analysis of net assets by fund is included in the appendix. Canterbury Diocesan Board of Finance 40

Notes to the financial statements Year lo 31 December 2024 22. Pension commitments Clergy CDBF participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Responsible Bodies. Each participating Responsible Body in the Church of England Funded Pensions Scheme pays contributions al 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. 11 is not possible lo attribute the Scheme's assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged lo the Statement of financial activities in the year are contributions payable towards benefits and expenses accrued in that year, which were £652k in 202412023. £715kl, plus any figures arising from contributions in respect of the Scheme's deficit, if any. The 2021 valuation showed the Scheme lo be fully funded and as such in 2023 and 2024, there were no deficit contributions payable. A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation ompleled was carried out at as 31 December 2021. The 2021 valuation revealed a surplus of £560m. based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions.. An average discount rate of 2.7 % pa., RPI inflation of 3.60A pa land pension increases consistent with this)., CPIH inflation in line with RPI less 0.80k pa pre 2030 moving to RPI with no adjustment from 2030 onwards., Increases in pensionable stipends in line with CPIH., Mortality in accordance with 90D/o of the S3NA tables, with allowance for improvements in mortality rates from 2013 in line with the CM12020 extended model with a long term annual rale of improvement of 1.50/0, a smoothing parameter of 7, an initial addition to mortality improvements of 0.50A pa and an allowance for 2020 data of OVO li.e. w2020 = 09/01. Following finalisation of the 31 December 2021 valuation, deficit contributions ￿aSed with effect from 1 January 2023, since the Scheme was fully funded. For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme's rules. The legal structure of the scheme is such that if another Responsible Body fails, CDBF could become responsible for paying a share of that failed Responsible Body's pension liabilities. Staff CDBF participates in the Pension Builder Scheme section of CIAPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers. Canterbury Diocesan Board of Finance 41

Notes to the financial statements Year lo 31 December 2024 22. Pension commitments Iconlinuedl Staff (continued) CWPF has IMO sections.. the Defined Benefits Scheme the Pension Builder Scheme, which has two subsections", a deferred annuity section known as Pension Builder Classic, and, a cash balance section known as Pension Builder 2014. Pension Builder Scheme Both sections of the Pension Builder Scheme are classed as defined benefit schemes. Pension Builder Classic provides a pension, accumulated from contributions paid and converted into deferred annuity during employment based on terms sel and reviewed by the Church of England Pensions Board from b'me lo time. Discretionary increases may also be added, depending on investment returns and other factors. Pension Builder2014 is a cash balance scheme that provides a lump sum which members use lo provide benefits al reliremenl. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before reliremenl, depending on investment retums and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65. There is no sub-division of assets be￿een 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 attribute the Pension Builder Scheme's assets and liabilities lo specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged lo the Statement of financial activities in the year are the contributions payable12024'. £123k, 2023. £339kl. A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022. For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. Al the most recent annual review effective 1 January 2025, the Board chose to grant a discretionary bonus of 6.70/0 to both pensions not yet in payment and pensions in payment in respect of service prior lo April 1997, and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.7'/o (where usually it would be calculated based on inflation up to 2.5D/ol. This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current lime. The next valuation is due as al 31 December 2025. For the Pension Builder 2014 section, the valuation revealed a surplus of £8.6m on the ongoing assumptions used. There is no requirement for deficit payments al the current lime. The legal structure of the scheme is such that if another employer fails, CDBF could become responsible for paying a share of the failed employer's pension liabilities. Canterbury Diocesan Board of Finance 42

Notes to the financial statements Year lo 31 December 2024 23. Operating lease Commitments At 31 December 2024 the total of the group's and charity's future minimum lease payments under non- cancellable operating leases was". Land and buildings EquSpment £'ooo £'ooo Land and buildings £'ooo 2024 £'ooo Equipment £'ooo 2023 £'ooo Group and Charity Amounts payabl&= thin 1 year Belween 2 and 5 years Total 45 38 83 15 25 40 60 63 123 24 10 28 24. Principal subsidiaries. joint venturos and connected charities a. Principal subsidiaries Details of the principal subsidiaries are provided below". Registration number Percentage Shareholding Principal Activity 100% Property management Company name Canterbury Diocesan Enterprises Limited Country England & Wales 6673588 Diocesan Architectural 2790278 Services Limited England & Wales 1 OOYO Architectural services Dormant from May 2018 Ethos School Improvement Limited 7945168 England & Wales Provision of services lo schools The Social Justice Ne￿Ork la company limited by guarantee) 8763875 England & Wales Building partnerships to work with marginalised communities Financial information for each of the subsidiaries is as follows.. 2024 £'ooo 2023 £'ooo Dlocesan ArchStectural Servlces Llmlted Assets and funds 2024 £'ooo 2023 £'ooo Canterbury Diocèsan Enterprises Limited Incorne Expenditure Profit 210 11211 89 209 117SI 33 Assets 145 58 11 41 Funds 130 Canterbury Diocesan Board of Finance 43

Notes to the financial statements Year lo 31 December 2024 24. Principal subsidiaries J joint ventures and connected charities Icontinuedl a. Principal subsidiaries (continued) 2024 £'ooo 2023 £'ooo Etho8 School Improvement Limited Incorne Expenditure Profit 83 1471 74 1451 29 Assets 166 1931 73 153 187) 66 Funds 2024 £'ooo 2023 £'ooo The Social Justice Network Incorne Expenditure Profit 224 12191 182 11921 1101 Assets 154 1201 134 152 1221 130 Funds b. ConngQtgd gntitigs Company name The Diocese of Canterbury Academies Company Limited 7793458 Reglstratlon number Country Prlnclpal Actlvlty England & Wales Educational activities 25. Custodian Trustee The charity acts as Custodian Trustee in respect of various funds. These assets are held separately from those of the charity and are not included in the balance sheets on page 22. The summary of the funds as al 31 DeTrmber is as follows.. Trust funds 2024 £'ooo 2023 £'ooo Represented by.. Fixed assets Listed investments lal ￿$1) 1,706 1.174 Curient assets Central Board of Finance Deposit Fund Totsl 1,862 3,568 1,389 2.563 Market value of investments at 31 December Listed investrnenls 7,450 6.005 26. Related party transactions Other than the relationships and transactions disclosed in notes 13 and 14, there are no other related party transactions requiring disclosure12023- none). Canterbury Diocesan Board of Finance 44

Appendix: Comparative consolidated statement of financial activities Year to 31 December 2023 Total funds 2023 £'ooo Unreslricled Re$lri¢led Endowrnent funds funds funds £'ooo £'ooo £'ooo Notes Ineome and endowrnents from: Donations and grants Charitable activities Other trading activities Investments and interest Other sources Total income and endowm8nts 7,307 1,108 92 382 85 8,974 1,543 8,850 1,772 92 419 85 11,218 37 2,207 37 Expenditurè on= Raising funds Charit8ble 8Ctivities Total expenditure 205 9,211 9,416 205 11,631 11,836 2,374 2,374 10 Net expenditure before investment gain¥ Net gains on inve5ttnents 14421 137 11671 68 191 2,729 16181 2.934 16 N•t lexpenditurel income before transfers Transfers be￿een funds Net income lexpenditurel for the year 13051 13,427 13.122 1991 2,720 113,4271 {10,7071 2,316 20 1991 2,316 Oth•r raeognisad gains and lossès.. Losses on revaluations of tangible fixed assets 15 14,0161 14,0161 Net movement in funds 13,122 1991 {14,7231 11,7001 Reconciliation of funds Total funds brought forward 21,553 34.675 2,318 2.219 78,149 63,426 102,020 100.320 Total funds earri8d forward Canterbury Diocesan Board of Finance 45

Appendix: Comparative notes to the financial statements Year to 31 December 2023 1. Income from: Other donations and grants Unrestiicted funds £'ooo Restricted funds £'ooo 2023 £'ooo Parish Share Archbishops, Council Benefact Trust Other donations and grants Total funds 7,257 7.257 1,257 1,257 113 173 1,543 50 7,307 223 8,850 2. Income from: Charitable activities Unrestricted funds £'ooo Restricted funds £'ooo 2023 £'ooo Parochial fees for occasional offices Rental income Department for Education capital grants Total funds 361 747 361 797 614 1.772 50 614 664 1,108 4. Income from: Investments and interest Unrestricted Endowment funds funds £'ooo £'ooo 2023 £'ooo Investment incotne Bank and other interest receivable 207 37 244 175 382 175 419 Total funds 37 Canterbury Diocesan Board of Finance 46

Appendix: Comparative notes to the financial statements Year to 31 December 2023 8. Expenditure on: Charitable activities Totsl funds 2023 £'ooo Unrestricted funds £'ooo Restricted Endowment funds funds £'ooo £'OCM) Contributions to Archbishops, Council= Training for Ministry National church responsibilities Grants and provisions Mission agency pension costs Retired clergy housing costs Pooling of ordinands, maintenance grants 235 138 24 235 138 93 37 93 37 535 535 Resourcing Ministry and Mission.. Parish Mlnlstry Stipends National Insurance Pension contribub.ons Housing c051s Apprenticeship levy Removal and resettlement costs Other expenses Lay and ordinand training Mission development grants Other grants Together Kent don8tion5 Social Justice 2.899 226 712 1,706 13 98 132 162 19 2,899 226 712 1,706 13 98 274 288 854 20 126 835 20 101 106 5,980 1,178 7,204 Senlor Clorgy Stipends, Nl and Pension5 Housing cost allocation 47 47 38 38 85 85 Strategic Investment Pmjects 172 336 508 Support costs (note 91 2.112 2,112 Totsl expenditure on resou￿￿ng Alini$try and Mission 8.349 1,514 9,909 Expenditure on education.. Support for church schools and young people School building grants (see note 21 Total funds 327 327 860 11.631 9,211 2,374 Canterbury Diocesan Board of Finance 47

Appendix: Comparative notes to the financial statements Year to 31 December 2023 10. Analysis of total expenditure Activities direcdy undertaken Grant funding of 8Ctnfitl85 2023 Total Funds Support C05tS £'ooo £'ooo £'o È'ooo Raising funds Charitable activities Contributions to Archbishops, Council Resourcing Ministry and Mission Education 205 205 535 854 860 535 9,909 1,187 11.B36 6,943 327 2,112 7,475 2,249 2,112 20. Statement offunds Carried lo￿ard at 31 Brought forward at 1 January 2023 Transfers in ILossesl gains £'Doo December Income Expendrture £'ooo 2023 £'ooo £'ooo £'Doo £'ooo Endowment funils Ministry Trust Fund Clergy Training Fund Tait Mission Fund 8enefice Propertses Fund Board of EducAtion General Fund 2,099 580 220 71,263 1,372 2,615 78.149 122 43 18 14,0161 28 2,221 623 238 64,160 1,437 4,757 63,426 113,0971 37 Stipends Capital Fund IGlebe landl 1461 1461 13301 113.4271 2,518 11.2871 37 Restrlcted funds Cleryy and Spouses Retirement Fund Benefact Trust Lower Income Communrties Fund Resourung Ministerial Education strategic Investment Projects School Buildings Fund (see note 21 Education Funds Other Funds 754 160 68 821 113 835 120 301 630 18 190 31 18351 97 106 1661 83 212 4S7 13671 18761 329 194 469 12021 Di0￿San P35toral Account Fund 315 302 2.318 2.207 12.3741 68 2,219 Designated funds Ministry Housing 14,809 239 1.088 23 13,097 27,906 267 1,179 23 tney Fund Training Fund 76 16.159 41 13.097 87 29,385 Generdl fund5 General 5.282 21,£141 8.650 8,691 330 50 5,198 34,S63 Totsl unrestrlcted funds 19,1331 13,427 137 Total Charity funds (including The Social Justice Ne￿orkI Non-charitable trading funds Total Group funds 101.908 112 10.935 283 111.5531 12831 111.8361 11.0821 100,208 112 102.020 11.218 11.0821 100,320 Canterbury Diocesan Board of Finance 48

Appendix: Comparative notes to the financial statements Year to 31 December 2023 20. Statement of funds Iconlinued} Carried forward at 31 Brought forward al 1 January 2023 £'ooo Tran5fer8 in Gains 11088esl £'ooo December Income Expenditure £'ooo 2023 £'Doo Summary- Groupfunds 2023 £'ooo £'ooo Designated funds General funds land non- ¢haritable trading fundsl Unrestricted funds 16.159 41 13.097 87 29,365 5.394 21.553 8.933 8.974 19,3971 19,4161 330 50 6,310 34,675 13,427 137 Endownent funds 78,149 2.318 102.020 37 1461 12,3741 111.8361 113.4271 11,2871 68 63,426 2,219 100,320 Restricted fund5 2.207 11.218 Total funds 11,0821 21. Analysis of net assets between funds An analysis of the group net assets between funds at 31 D￿rnber 2023 is given below.. Totsl fund8 2023 £'ooo General Designated funds funds £'ooo £'ooo Resliicted Endowment funds funds £'ooo £'ooo Group 2023 Tangible fixed assets Fixed asset investments Cuirent asset5 Creditors due wlhin one year Creditors due in more than one year Total funds 2,721 380 3,843 27,804 1,693 1,235 11,1051 12S21 29,365 54,562 7,650 1,214 85.OB7 10,623 8.307 12,9191 17781 100,320 900 2,015 16961 15181 5,310 2,219 63,428 General funds include non-charitable trading funds of £112k. Canterbury Diocesan Board of Finance 49