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. 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