OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-12-31-accounts

Company registration number 00186179

Charity registration number 250569

PETERBOROUGH DIOCESAN BOARD OF FINANCE

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

A large print version is available on request from Peterborough Diocesan Office The Palace Peterborough PE1 1YB

PETERBOROUGH DIOCESAN BOARD OF FINANCE

CONTENTS

1
Foreword from Bishop Debbie
2
Introduction
3
Strategic Report
4
Objectives
5
Activities and Achievements
6
Structure and Governance
7
Financial Review
8
Risk Management
9
Structure and Governance of the Church of England
10
Statement of Trustees’ Responsibilities
11
Administrative Details
12
Independent Auditors Report to the Members of the Diocesan Board of Finance
13
Statement of Financial Activities
14
Income and Expenditure Account
15
Balance Sheet
16
Statement of Cash Flows
17
Notes to the Financial Statements		 Page No.

1
2
2
3
3 - 4
4 - 6
7 - 9
10 - 11
11 - 13
14
15 - 17
18 - 20
21
22
23
24
25 - 53

PETERBOROUGH DIOCESAN BOARD OF FINANCE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

1 Foreword

I am delighted to introduce you to the Diocesan Board of Finance Annual Report. As you read this report, you will see that our finances remain similar to previous years, allowing us to deliver ministry across the diocese. We are aware of the deficit that we carry and will continue to review this. Our recent Governance and Organisational Review has made some recommendations, which we will be putting into place.

As I travel round the diocese, I find great joy in seeing where God is at work amongst us, where congregations and parishes are responding in love to their local communities, sharing the light of Christ. Thank you for all you do as we partner together in the work of God.

My thanks also go to the staff who work behind the scenes to ensure our accounts are in order, under the guidance of our Chief Finance Officer, David Mason.

With my prayers

+Debbie

PETERBOROUGH DIOCESAN BOARD OF FINANCE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

2 Introduction

The trustees, who are also the directors for the purposes of company law, present their annual report, together with the audited financial statements, for the year ended 31 December 2024. The names of the trustees/directors serving during this period from 1 January 2024 to the date of this report can be found in section 11.

3 Strategic Report and Aims

The financial affairs of the Diocese are conducted through the Peterborough Diocesan Board of Finance (‘the DBF’) which is governed by its Articles of Association (which were updated in 2017) as well as by statutory provisions in the Diocesan Boards of Finance Measure 1925. At a strategic level, the DBF is responsible for the financing of any recommendations proposed by the Bishops Management Group and agreed by Diocesan Synod for the furtherance of the Bishop’s vision for growth.

In addition to ensuring the Diocese complies with national safeguarding standards, the main functions of the DBF are:

The overarching strategic aim continues to be achieving growth in all areas of mission in the church in Peterborough Diocese. We are committed to supporting the provision of ministry especially in the poorest parts of the Diocese. To assist us in that endeavour we are grateful for the Low Income Communities Grant funding from the National Church. We are further assisted by the Strategic Development Funding awarded in 2018, which underpins the training of youth mission enablers in the Diocese, aimed at engaging a new and younger church family to sustain long term growth in this Diocese.

The trustees will continue to make deliberate use of financial resources through the Pastoral Fund to address the budget deficit. We recognise the importance of this in a time when parishes have found they cannot fundraise in traditional ways and with significantly rising building costs.

We remain committed to these aims. We remain committed to using the opportunities and experience we have gained to consider what we might look like going forward.

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

PETERBOROUGH DIOCESAN BOARD OF FINANCE

4 Objectives

To ensure we offer the best service to our parishes and communities in the most efficient and effective way.

Many parishes continue to experience financial challenges. It is apparent those parishes where their major source of income is from regular planned giving (by Standing Order or Direct Debit) are better able to meet the financial challenges. The roll out and switch to the Parish Giving Scheme has continued. We will continue to promote this scheme to encourage regular planned giving more widely across the Diocese.

We will engage fully in developments in National Safeguarding Policies and Procedures and Training to ensure the Peterborough Diocese remains a safe place to worship, work and live. The Safeguarding team provide the advice, guidance and ongoing support to: Parishes, the Diocesan Board of Finance Staff (DBF) Officers and Clergy, The Bishops Office Staff, Officers and Clergy.

We will ensure clergy numbers are affordable, and clergy in post receive continuous professional development to help them deliver growth in the Christian Church in this Diocese; allowing the foundations to emerge for further increases in clergy numbers in future years.

We will continue to work to create, sustain and increase the pipeline of people offering for ordained and licensed lay ministries in order to resource the growth of the church across the Diocese. We have received Strategic Ministry Funding of £74,877 to help with the cost of having an additional curate and also had confirmation of continuing funding for a further extra curate in 2025.

The trustees will review the property portfolio to seek the potential to sell houses not required for ministry purposes.

The trustees will continue to use video conferencing to drive down costs. Investment in improved hardware and infrastructure capability will drive transformational change.

We have adopted the National Church Route Map to Net Zero Carbon by 2030 and have begun the implementation of measures to achieve this target across all departments. We will offer advice and guidance to parishes to assist their journey to Net Zero Carbon by 2030 including advising on the completion of the On Line Energy Footprint Tool to provide them with baseline figures relating to the carbon footprint of individual churches.

The DAC will continue to signpost parishes to the national church sources of information in relation to environment and climate change, along with the availability of subsidised energy audits. We will administer the Buildings for Mission Minor Repairs and Improvements Fund and the Quick Wins Fund.

The trustees will engage with the recommendations arising from the review of governance. An application will be made to the national church to provide strategic capacity funding.

Over the next year, a key priority is to encourage all our clergy and churches to engage with their local schools and through that to build relationships with parents and families.

5 Activities and Achievements

No annual report would be complete without the acknowledgement of the efforts parishes have made to continue to meet their parish share obligations - 80.05% received, relating to 2024. As the most significant element of funding of the work described in every annual report by the trustees of the Diocesan Board of Finance, we simply would not exist without the hard work, generosity and sacrifice of our donors. THANK YOU.

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

PETERBOROUGH DIOCESAN BOARD OF FINANCE

5 Activities and Achievements (continued)

Safeguarding remains a priority, and additional resources have been made available to strengthen and expand the team supporting the Diocesan Safeguarding Officer. We look forward to the Ineqe audit in 2025 and to further develop our work to keep this Diocese a safe place to worship, work and visit.

We continually review our working practices to ensure we can continue to benefit from the changed working practices of the 2020’s and the rapid advances being made in technology. We welcome the opportunities to mix meetings in person and in the virtual space. 'Hybrid' options are available in the Peterborough office and in Bouverie Court with the installation of audio visual equipment. We are of course committed to offering 'face to face' meetings when required or requested, but do so mindful of the cost both in terms of finances and environmental.

Vacant posts (clergy or lay) remain subject to scrutiny to ensure any appointments are missionally necessary and financially affordable. The equivalent of 8.7 incumbent posts were vacated during 2024 but 7.2 incumbent status posts were filled. We are also well supported by clergy who do not take a stipend and by those providing duty in return for

Pastoral Reorganisation has been progressing and deaneries are being encouraged to prepare to develop local reviews.

The Diocese uses Interim Ministry to turn around parishes that are struggling and to focus attention and resources where they are most needed. The LICF grants have helped to make this possible and have been particularly helpful in sustaining that ministry in the neediest areas of the diocese.

We have moved on to MyConcern and will implement the new National Safeguarding Casework Management System, and an online Faculty System is being rolled out across the Diocese and will help to reduce bureaucracy and improve efficiencies.

A Net Zero Officer has been appointed in partnership with Leicester Diocese.

An application was made to the Flourish initiative which is developing pilot projects to create new inter-generational worshipping communities in some of our schools.

The Diocesan Website continued to be developed and content imported to provide an enhanced resource for all of our parishes.

6 Structure and Governance

The DBF is a company limited by guarantee with company number 186179, and a registered charity with charity number 250569. Its registered office is The Diocesan Office, The Palace, Peterborough PE1 1YB. The DBF is registered for VAT, with registration number 737 9263 95. It has not undertaken any activities which would give rise to corporation tax. Details of the principal officers and agents of the DBF are in section 11.

The charity, which has no share capital, is a company limited by guarantee. The trustees, who are also the directors may derive no benefit or income from, or have any capital interest in, the charity's financial affairs other than reimbursement of out-of-pocket expenses. Trustees who are also clergy are paid a stipend for their services as clergy.

The members of the DBF act as both its board of directors and as charity trustees. Members are elected for a term of three years, lay members by Deanery Synods and clergy members by Diocesan Synod. Members can also be co-opted on to the DBF. The trustees maintain a register of people with significant control and have determined that the sole entry on the register is the Bishop of Peterborough.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

6 Structure and Governance

A small team of staff based in offices in Peterborough and Northampton handle essential administration. In addition a number of Bishop’s Officers (many part-time or honorary) oversee such things as safeguarding, mission, training, parish development, youth and children’s work and social, rural and urban issues.

The Diocesan Secretary, Andrew Roberts, left on 31 August 2025.

Charitable donations are made as part of normal expenditure in the exercise of the charity's objectives. No political contributions are made.

The members of the DBF as charity trustees are aware of the Charity Commission’s guidance on public benefit and have regard to that guidance in their administration of the charity.

The trustees believe that, by supporting the work of the Church of England in the Diocese of Peterborough, the DBF helps to promote more effectively the whole mission of the Church (pastoral, evangelistic, social and ecumenical), both in the Diocese as a whole and its individual parishes, and that in doing so, it provides a benefit to the public by:

6.1 Committees

Certain DBF Committee functions are described below. In addition, matters requiring senior management attention are dealt with by the Bishop’s Management Group (BMG) for pastoral issues relating to clergy, officers and staff, and by the Bishop’s Leadership Team (BLT) for operational matters relating to achieving the Bishop’s Vision. Remuneration for clergy members of senior management accords with levels set by the Church of England Central Stipends Authority; A staffing sub-committee of the DBF Finance and Administration Committee (see below) reviews lay staff salaries and any annual increases are in line with the increase in clergy stipends.

These management teams sit in addition to Diocesan Synod, Bishop's Council and the Board of Finance and its various committees.

6.1.1 Finance and Administration Committee

This committee acts as the Executive Committee of the charity and focuses particularly on budget preparation, the parish share and the overall financial strategy.

6.1.2 Glebe and Trust Committee

This committee directs and manages the glebe properties on behalf of the charity and acts for the DBF in its corporate capacity as custodian and managing trustee.

A joint meeting of the Finance and Administration and Glebe and Trust Committees helps define an investment policy for the Board’s assets, acting as the Investment Steering Group.

6.1.3 Houses Committee

The functions of the DBF as Diocesan Parsonages Board are delegated to the Houses Committee. This committee deals with the provision of, and day-to-day maintenance of, clergy housing.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

6 Structure and Governance (continued)

6.1.4 Audit Committee

This committee scrutinises the financial reporting of the DBF and reviews governance procedures and documentation.

A new Chair, Alice Cooper, was appointed on 29 April 2024.

6.2 Related Organisations

Within the ministry of the Church of England in the Diocese of Peterborough, the DBF plays an important role in cooperation with other people and charities that form part of the Church. While the Bishop of Peterborough and her clergy have the cure of souls within the Diocese, the responsibility for the funding of stipends for clergy (other than bishops and cathedral clergy), provision of clergy housing (other than for the Diocesan bishop and cathedral clergy) and training, as well as other associated costs, falls to the DBF. Some such clergy, listed in 11.2, are members of the DBF.

The main income of the DBF consists of parish share contributed by the parishes of the Diocese. The DBF calculates parish share according to a formula agreed by the Diocesan Synod, which is intended to cover the cost of ministry.

Whilst Dioceses are responsible for the funding of clergy stipends, the national clergy payroll is administered by the Church Commissioners, to whom the DBF reimburse the costs of stipendiary clergy deployed in the Diocese. The Church Commissioners also make grants for ministry in dioceses and parishes. The Archbishops’ Council funds the administration of the general Synod, its boards and committees, and work undertaken on behalf of the church nationally. The DBF contributes a share of these costs annually according to a formula agreed by that Synod, to which the Diocese elects a number of lay and clergy members.

6.3 Other related organisations:

PETERBOROUGH DIOCESAN BOARD OF FINANCE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

7 Financial review

We are immensely grateful to the efforts made in all our parishes to meet the requests for parish share and celebrate the hard work our parishes make to meet their obligation despite these incredibly difficult times. Thanks are due to all concerned in continuing to respond to the need to resource our Kingdom journey. The DBF recognises that an increasing number of parishes are finding it extremely difficult to meet the requests for parish share. Many are meeting the increases from reserves, and almost half are not paying in full.

We are committed to ensuring we use this experience to drive forward transformational change to make cost savings where possible. Achieving a balanced budget remains the strategic aim of the trustees without damaging the excellent work done over the period to achieve sustainable growth of the Church.

The Diocesan Synod approved a deficit budget for 2024 of £1,746,081. The actual results for 2024 show a deficit of £1,557,447, before gains on investment and pension along with revaluations of fixed assets. As has been the case in the previous three years, the long term effects of the pandemic and clergy vacancy rates caused significant movements to the budget. The movements are explained in the income and expenditure review on pages 8 and 9.

The DBF is responsible for two main categories of asset – clergy houses and investments. The accounting requirement is that the assets be entered into the year end balance sheet at an estimated current valuation. A revaluation was started in 2024 on the housing portfolio, which resulted in a downward valuation of around £7.5million. This will continue on the rest of the portfolio over the coming years.

Trustees hold the portfolio of clergy houses for their operational importance to the provision of ministry in the Diocese. With only rare exceptions, the houses are not for sale and their financial impact is more a matter of the level of expenditure appropriate to their maintenance than to the increase or decrease in year-end valuation.

Investments (land and financial investments) are principally permanent endowments which are held neither for operational purposes or for sale. Their importance is in providing an annual financial return which enables the DBF to afford a higher level of ministry and support expenditure than would be possible without it.

----- Start of picture text -----
2022 asset split 2023 asset split 2024 asset split
6.49% 5.59% 4.27%
48.78% 47.04%
43.79% 45.64% 48.70%
49.72%
Fixed assets Investments Fixed assets Investments Fixed assets Investments
Other net assets Other net assets Other net assets
----- End of picture text -----

During the year, there has been a reclassification of the housing portfolio in accordance with the SORP, so rented properties are now shown as investment properties.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

7 Financial review (continued)

Income review

Parish share, the money given by parishes to the Diocese to fund its mission and ministry, is still the main incoming resource for the Diocese. Parish share receipts for 2023 were lower than in recent years, although the percentage "collected" remained broadly consistent with 2021 to 2023. Including the amounts received in respect of requests from previous years, share decreased in cash terms by £112,541 compared to 2023. The total share received when expressed as a percentage of the overall share requested was 78.99% (2023 : 79.71%).

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2022
2023
2024
2022
2023
2024
Parish share
61.58%
65.47%
62.06%
Fees
3.42%
3.65%
3.20%
Church Commissioners funding
6.69%
3.65%
4.05%
Low Income Communities funding
3.34%
3.45%
3.44%
Investment income
20.94%
20.79%
23.58%
All Churches funding
1.14%
1.10%
0.91%
Other income
2.89%
1.89%
2.76%
Income

Expenditure review

Our main activities in 2024 are almost now returned to their pre-pandemic levels. More clergy vacancies have now been filled resulting in a £538,363 increase on previous years and £82,364 higher than the budgeted figure. By continuing to use more effective and efficient contractors, our housing costs were slightly under budget.

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2022
2023
2024
2022
2023
2024
Clergy stipends
48.10%
46.43%
45.49%
Clergy housing
15.30%
16.86%
17.34%
Clergy training
11.23%
10.28%
9.28%
Support for parish mission and other
diocesan functions
16.63%
14.66%
14.99%
National Church contribution
3.12%
3.33%
2.90%
Donations and grants given
3.79%
2.87%
4.21%
Glebe management cost
1.83%
5.57%
5.79%
Expenditure		 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2022
2023
2024
2022
2023
2024
Clergy stipends
48.10%
46.43%
45.49%
Clergy housing
15.30%
16.86%
17.34%
Clergy training
11.23%
10.28%
9.28%
Support for parish mission and other
diocesan functions
16.63%
14.66%
14.99%
National Church contribution
3.12%
3.33%
2.90%
Donations and grants given
3.79%
2.87%
4.21%
Glebe management cost
1.83%
5.57%
5.79%
Expenditure		 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2022
2023
2024
2022
2023
2024
Clergy stipends
48.10%
46.43%
45.49%
Clergy housing
15.30%
16.86%
17.34%
Clergy training
11.23%
10.28%
9.28%
Support for parish mission and other
diocesan functions
16.63%
14.66%
14.99%
National Church contribution
3.12%
3.33%
2.90%
Donations and grants given
3.79%
2.87%
4.21%
Glebe management cost
1.83%
5.57%
5.79%
Expenditure		 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2022
2023
2024
2022
2023
2024
Clergy stipends
48.10%
46.43%
45.49%
Clergy housing
15.30%
16.86%
17.34%
Clergy training
11.23%
10.28%
9.28%
Support for parish mission and other
diocesan functions
16.63%
14.66%
14.99%
National Church contribution
3.12%
3.33%
2.90%
Donations and grants given
3.79%
2.87%
4.21%
Glebe management cost
1.83%
5.57%
5.79%
Expenditure
2022 2023 2024
Clergy stipends 48.10% 46.43% 45.49%
Clergy housing 15.30% 16.86% 17.34%
Clergy training 11.23% 10.28% 9.28%
Support for parish mission and other
diocesan functions		 16.63% 14.66% 14.99%
National Church contribution 3.12% 3.33% 2.90%
Donations and grants given 3.79% 2.87% 4.21%
Glebe management cost 1.83% 5.57% 5.79%

PETERBOROUGH DIOCESAN BOARD OF FINANCE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

7 Financial review (continued)

7.1 Investment Policy

The trustees' investment policy is that the investments made should produce as much income as reasonably possible while maintaining the real value of the asset base. This policy also requires that the value of the total investment portfolio should be split approximately equally between financial assets and glebe. The trustees decided that a Total Returns policy in respect of its permanent endowment is not appropriate at this time.

Although there are no significant legal restrictions on the range of assets in which the trustees may invest, the advice of the Church of England Ethical Investment Advisory Group is required to be followed as far as possible. Any identified breach of these guidelines is required to be reported to the trustees who will direct what action to take.

The Finance and Administration Committee and the Glebe and Trust Committee meets together from time to time, as an Investment Steering Group, to ensure that each of them is aware of the position of the other with regard to the investment policy agreed by the trustees.

7.2 Reserves Policy and Reserves

The DBF notes that 62.06% of its annual income is from parish share receipts (2023 - 65.47%) with most of the balance coming from historic resources.

In view of the need to fund clergy stipends whether or not receipts from the parishes are up to date, the charity’s reserves policy is to operate within a minimum general fund reserve of 60 days of annual expenditure - £1,866,437 (2023 - £1,628,080).

At 31 December 2024, the level of funds which are unrestricted, undesignated and not held as fixed assets totalled £1,478,196. This equates to approximately 48 days of annual expenditure (2023 - 106 days).

8 Risk management

The trustees are responsible for the identification, mitigation and/or management of risk. To achieve this the DBF has a register of all risks identified, supported by the appropriate policy. The risk register is subject to annual review and responsibility for delivery of the mitigation activities are delegated to the Diocesan Secretary.

The past five years has exposed us to a greater level of financial and pastoral risk as well as some opportunities. Balancing expenditure against income will be a key challenge in the coming years and the risk register below will incrementally change to reflect a new operating environment based on driving efficiencies through opportunities presented.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

8 Risk management (continued)

The risk register identifies four strategic areas where the risk of either failure to act or the impact of the events is considered ‘high’. The areas of risk and the associated mitigation activities are:

8.1.1 Spiritual Leadership

The risk that the Diocese is ineffective in providing a spiritual lead for the people it seeks to serve.

The mitigations for this are:

8.1.2 Finances

The risk that there is a failure to generate enough income from parish share, investments and other income sources affects the vision for growth.

The mitigations for this are:

8.1.3 An unforeseen incident adversely affects the reputation of the Diocese

The risk of an unforeseen incident affecting the reputation of the Diocese - this could be either in the safeguarding or data security (IT) environment.

The mitigations for this are:

Safeguarding;

PETERBOROUGH DIOCESAN BOARD OF FINANCE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

8 Risk management (continued)

8.1.3 An unforeseen incident adversely affects the reputation of the Diocese (continued)

Information Technology;

8.1.4 Changing demographic profile.

The risk is that an aging participating population without any rebalancing is detrimental to the future of the Church in the Diocese.

The mitigations for this are:

9 Structure and Governance of the Church of England

The Church of England is organised as two provinces, each led by an archbishop. The Archbishop of Canterbury leads the Southern Province and the Archbishop of York leads the Northern Province. Each province is comprised of dioceses of which there are 41 in England (42 including the diocese of Europe).

Dioceses, each under the spiritual leadership of a Diocesan Bishop, are the principal pastoral, financial and administrative resource of the Church of England. Each Diocese is divided into parishes. Each parish is overseen by a parish priest, who is an Incumbent (Vicar or Rector) or Priest-in-Charge. From ancient times through to today, Incumbents 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 some deans of cathedrals on the advice of the Prime Minister. The two archbishops and 24 senior bishops sit in the House of Lords.

The Church of England is episcopally led, with 108 bishops including Diocesan Bishops and Assistant and Suffragan Bishops. It is governed by General Synod as its legislative and deliberative body at national level, making decisions on matters of doctrine, the holding of church services and relations with other churches. General Synod passes measures, which, if accepted by Parliament, have the effect of Acts of Parliament. It is made up of three groups or ‘houses’ of members: The Houses of Bishops, of Clergy and of Laity. General Synod meets in London or York at least twice annually to consider legislation for the broader good of the Church.

9.1 Three National Church Institutions

The Archbishops’ Council, the Church Commissioners and the Church of England Pensions Board are the three National Church Institutions.

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

PETERBOROUGH DIOCESAN BOARD OF FINANCE

9 Structure and Governance of the Church of England (continued)

9.1 Three National Church Institutions (continued)

The Archbishops’ Council was established in 1999 to co-ordinate, promote, aid and further the mission of the Church of England. Its task is to give a clear sense of direction to the Church nationally and support the Church locally by acting as a policy discussion forum.

The Church Commissioners manage historic assets of the Church of England, spending most of their income on pensions for the clergy. The Church Commissioners meet the costs of episcopal administration through the Diocesan and Suffragan Bishops.

The Church of England Pensions Board was established by the Church Assembly in 1926 to administer the pension scheme for the clergy. It was subsequently given wider powers, in respect of discretionary benefits and accommodation both for those retired from stipendiary ministry and for surviving partners of those who have served in ministry; and to administer pension schemes for lay employees of Church organisations.

The Board, which reports to the General Synod, is trustee of a number of pension funds and charitable funds. Whilst the Church has drawn together under the Board its central responsibilities for retirement welfare, the Board works in close cooperation both with the Archbishops’ Council and with the Church Commissioners.

The financial transactions of the General Synod, the Church Commissioners and the Archbishops’ Council do not form part of these accounts.

9.2 The Diocese of Peterborough

The Diocese of Peterborough was created in 1541, following the dissolution of the Benedictine Abbey of Peterborough under Henry VIII. The Diocese assumed roughly its present dimensions in 1927 with a total area of 1,150 square miles.

The Diocese comprises 350 parishes, divided into 12 deaneries, covering Northamptonshire, the part of Cambridgeshire formerly known as the Soke of Peterborough (i.e. the area of the present-day city of Peterborough north of the River Nene) and the county of Rutland. The River Nene marks part of the boundary with the Diocese of Ely, which falls mainly to the east; to the south the Diocese borders St Albans and Oxford dioceses, to the west Coventry and Leicester, and to the north Lincoln. Its total population is around 917,000 (mid term estimate 2017).

The Diocese comprises two archdeaconries, the Archdeaconry of Northampton to the south and the Archdeaconry of Oakham to the north, each with a broad rural/suburban/urban and socio-cultural mix. The Archdeacon of Northampton has an office base and lives in Northampton, and the Archdeacon of Oakham in Peterborough.

Peterborough Cathedral is the Mother Church of the Diocese and legally is constituted as a separate charity currently exempt from Charity Commission registration and supervision. Copies of its trustees’ report and financial statements are available from: The Cathedral Office, Minster Precincts, Peterborough PE1 1XS.

The Diocesan Synod is the statutory governing body of the Diocese. It is made up of broadly equal numbers of clergy and lay representatives elected from across the Diocese together with the bishops and archdeacons. Its role is to:

PETERBOROUGH DIOCESAN BOARD OF FINANCE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

9.2 The Diocese of Peterborough (continued)

Each deanery has a Deanery Synod. Each Deanery Synod has two houses, laity and clergy, and Deanery Synod’s role is to:

The Bishop’s Council, under the constitution of Diocesan Synod, has the following functions:

A Parochial Church Council (PCC) is the elected governing body of an individual parish which in general is the smallest pastoral area in the Church of England. Typically, each parish has one parish church. A PCC comprises of the incumbent as chair, the churchwardens, and a number of elected and ex-officio members. Each PCC is a charity. All PCCs with gross income over £100,000 are required by law to register with the Charity Commission (as soon as practical after their gross income exceeds £100,000) unless the Charity Commission issues a written determination to the contrary. This may be possible in exceptional circumstances such as when gross income includes a substantial grant for a purpose that will not be repeated in the near future. If not required to register, PCCs are ‘excepted’ charities. Financial statements of an individual PCC are available from the relevant PCC treasurer.

The DBF is custodian trustee of assets held on permanent trusts by virtue of the Parochial Church Councils (Powers) Measure 1956 and the Incumbents and Churchwardens (Trusts) Measure 1964, the managing trustees being parochial church councils and other bodies. We do not aggregate these assets in the financial statements, as the DBF does not control them, and they are segregated from the DBF’s own assets. Further details of financial trust assets, whose market value at 31 December 2024 was £18,082,267 (2023 - £17,415,955), are set out in note 30 to the accounts. Where we hold properties as custodian trustee, the deeds are held in safe custody by the DBF’s solicitors.

Parishes, Benefices, Deaneries and Archdeaconries are the remaining geographic units. A benefice is an ecclesiastical office in a parish or group of parishes normally served by an Incumbent. Team ministries may have several clergy of incumbent status serving in one benefice. A deanery is a group of parishes over which a rural dean has oversight and an archdeaconry is a group of deaneries for which an archdeacon is responsible.

The information in this section about General Synod, the Church Commissioners, the Archbishops’ Council, Peterborough Cathedral and PCCs is included as background only. The financial transactions of these bodies do not form part of these financial statements.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

10 Statement of Trustees' Responsibilities

10.1 Trustees' Responsibilities

The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees (as company directors) to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the DBF and of the surplus or deficit of the DBF for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for ensuring that adequate accounting records are kept which disclose with reasonable accuracy at any time the financial position of the DBF, and which enable them to ensure that the financial statements comply with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the DBF and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

10.2 Statement of disclosure to auditors

As far as the trustees are aware, there is no relevant audit information of which the DBF’s auditors are unaware. The trustees have taken all necessary steps to make themselves aware of any relevant information and to establish that the DBF’s auditors are aware of that information.

The Trustees Annual Report, which includes the Strategic Report, was approved by the Board on 18 June 2025.

Signed on its behalf by:

Paul Buckingham (Sep 29, 2025, 2:55pm)

Dr Paul Buckingham Chair

PETERBOROUGH DIOCESAN BOARD OF FINANCE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

11 Administrative Details

11.1 Officers and Agents

President Rt Revd D M Sellin (Bishop of Peterborough) Rt Revd D M Sellin (Bishop of Peterborough)
Chair Dr P Buckingham
Secretary and Treasurer Mr A J Roberts left 31 August 2025
Assistant Secretary Mrs S J Ratcliffe
Registered Office The Diocesan Office
The Palace
Peterborough
PE1 1YB
Registered Numbers Company Registration No. 186179
Charity No. 250569
VAT Registration No.737 9263 95
Diocesan Surveyors, Glebe Houses / Surveyors Glebe agents
and Property Agents
Carter Jonas LLP Andrew Granger & Co Limited
12 Waterside Way 44-46 Forest Road
Bedford Road Loughborough
Northampton Leicestershire
NN4 7XD LE11 3NP
Bankers Barclays Bank plc
1 Church Street
Peterborough
PE1 1QP
Auditors Price Bailey LLP
Tennyson House
Cambridge Business Park
Cambridge Business Park
CB4 0WZ
Investment Fund Managers Charles Stanley & Co Ltd CCLA Investment Management Ltd
55 Bishopsgate 1 Angel Lane
London London
EC2N 3AS EC4R 3AB

PETERBOROUGH DIOCESAN BOARD OF FINANCE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

11.1 Officers and Agents (continued)

Diocesan Registrar Ms A Spriggs c/o The Diocesan Office Diocesan Chancellor Mr D M Pittaway KC c/o Diocesan Registrar Deputy Diocesan Chancellor Mr M Griffiths KC c/o Diocesan Registrar Solicitors Howes Percival LLP Nene House 4 Rushmills Northampton NN4 7YB Finance and Administration Committee Chair: Dr P Buckingham Secretary: Diocesan Secretary c/o The Diocesan Office Glebe and Trust Committee Chair: Mr William Craven Secretary: Property Officer c/o The Diocesan Office Houses Committee Chair: Mr R Purser Secretary: Property Officer c/o The Diocesan Office Audit Committee Chair: Mrs A Cooper (from 29 April 2024) Secretary: Assistant Diocesan Secretary c/o The Diocesan Office

PETERBOROUGH DIOCESAN BOARD OF FINANCE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

11.2 List of trustees/directors

President Rt Revd Debbie Sellin appointed 3 March 2024 Chair Dr P Buckingham (FA, GT)

Ex- Officio Rt Revd J E Holbrook Ven R J Ormston (FA, GT, H) Ven A Booker (FA, GT, H) Very Revd C Dalliston

Co- opted Mrs A Cooper (A) appointed 20 June 2024 Mr W Craven (GT) Mr R Purser (H)

Elected by the House of Clergy of the Diocesan Synod (2021 – 2024)

Archdeaconry of Northampton

Revd K Hutchins (also Wellingborough) (A, FA) Revd J Scott - appointed 20 February 2025 Revd S Trott (H)

Archdeaconry of Oakham

Revd Canon J E Baxter (GT) Revd Dr B Brandon (H) - resigned 20 June 2024 Revd M W Lucas - resigned 31 December 2024

Elected by the Houses of Laity of the Deanery Synods (2021 – 2024)

Archdeaconry of Northampton

Mrs I Burbidge (Brackley) Mr R Baker (Daventry) (A) Mr D Pickard (Greater Northampton) (A) Dr H Creek (Towcester) Revd K Hutchins (Wellingborough) (FA, A)

Archdeaconry of Oakham

Mr A Ridley (Kettering) - appointed 14 November 2024 Mr J Hindle (Corby) Mr A C Hawkins (Oundle) - resigned 26 February 2025 Mr R Gregory-Smith (Peterborough)

The abbreviations used above indicate sub-committees on which members serve, as follows: A = Audit FA = Finance and Administration GT = Glebe and Trust H = Houses

11.3 Key Management Team

Rt Revd D M Sellin Bishop of Peterborough - appointed 3 March 2024 Ven R J Ormston Archdeacon of Northampton Ven A Booker Archdeacon of Oakham Mr A Roberts Diocesan Secretary - left 31 August 2025 Mr P Cantley Director of Education Mr D Mason Chief Finance Officer Revd C Nobbs Director of Mission and Development Mrs S Ratcliffe Assistant Diocesan Secretary Revd H Spenceley Director of Vocation and Formation Mr P White Director of Children and Youth - resigned 31 December 2024 Mrs V Kellett Diocesan Safeguarding Officer

PETERBOROUGH DIOCESAN BOARD OF FINANCE

INDEPENDENT AUDITORS TO THE MEMBERS OF THE DIOCESAN BOARD OF FINANCE FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of Peterborough Diocesan Board of Finance (the ‘charitable company’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going 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 to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees' report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

INDEPENDENT AUDITORS TO THE MEMBERS OF THE DIOCESAN BOARD OF FINANCE FOR THE YEAR ENDED 31 DECEMBER 2024

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement in the Trustee’s report, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

PETERBOROUGH DIOCESAN BOARD OF FINANCE

INDEPENDENT AUDITORS TO THE MEMBERS OF THE DIOCESAN BOARD OF FINANCE FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor’s responsibilities for the audit of the financial statements (continued)

We gained an understanding of the legal and regulatory framework applicable to the charitable company and how it operates and considered the risk of the charitable company not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. We identified that the principal risks of non-compliance with laws and regulations related to safeguarding vulnerable beneficiaries, health and safety, and employment (including taxation), and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011 and Church of England Measures.

We reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out testing of journal entries and other adjustments for appropriateness.

We reviewed accounting policies for evidence of management bias and ensured that the accounting policies were correctly applied to the financial statements.

We reviewed minutes of Trustee Board meetings, any correspondence with the Charity Commission and reviewed the procedures in place for the reporting of any incidents to the Trustee Board including serious incident reporting of these matters as necessary with the Charity Commission.

We made enquiries of management and officers of the charitable company regarding laws and regulations applicable to the organisation and discussed whether there had been any known breaches of laws and regulations in order to consider any possible further considerations or impact upon the charity.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/auditassurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilitiesforThis description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Suzanne Goldsmith FCA (Senior Statutory Auditor) For and on behalf of Price Bailey LLP, Statutory Auditor Tennyson House, Cambridge Business Park, Cambridge, CB4 0WZ Date: 30 September 2025

PETERBOROUGH DIOCESAN BOARD OF FINANCE

STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income and endowments from
Donations:
Parish share
3
Other donations
4
Charitable activities
5
Other income
6
Investment income
7
Total income
Expenditure on
Raising funds
8
Charitable activities
9
Total expenditure
Net (expenditure)/income
before investment gains
Net gains on investments
16
Net income/(expenditure)
Transfers between funds
21
Other recognised gains
Losses on revaluations
of fixed assets
16
Actuarial loss on
pension schemes
30
Net movement in funds
Transferred to DBE
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
6,186,280
731,168
318,763
59,598
96,276
7,392,085
496,303
9,003,403
9,499,706
(2,107,621)
10,321
(2,097,300)
944,914
-
(274,800)
(1,427,186)
-
3,934,830
2,507,644		 Restricted
Funds
£
-
321,113
-
-
709,284
1,030,397
-
353,470
353,470
676,927
14,267
691,194
(527,134)
(486,964)
-
(322,904)
-
13,757,340
13,434,436		 Endowment
Funds
£
-
-
-
-
1,545,086
1,545,086
170,917
1,500,922
1,671,839
(126,753)
(23,946)
(150,699)
(417,780)
(7,121,773)
-
(7,690,252)
-
159,213,379
151,523,127		 Total
Total
2024
2023
£
£
6,186,280
6,298,821
1,052,281
916,151
318,763
351,462
59,598
54,492
2,350,646
2,000,270
9,967,568
9,621,196
667,220
560,923
10,857,795
9,517,292
11,525,015
10,078,215
(1,557,447)
(457,019)
642
2,159,595
(1,556,805)
1,702,576
-
-
(7,608,737)
(2,521,778)
(274,800)
879,000
(9,440,342)
59,798
-
(2,186,649)
176,905,549
179,032,400
167,465,207
176,905,549

For detailed fund by fund comparisons, a copy of the 2023 Statement of Financial Activities is included in note 32

The notes on pages 25 to 53 form part of these accounts

PETERBOROUGH DIOCESAN BOARD OF FINANCE

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024

Total income
Total expenditure
Gross income for the year
Net movement on investments
Net income for the year
Other comprehensive income
Net assets transferred from endowments
Net comprehensive income for the year		 Total
Total
2024
2023
£
£
8,422,482
8,306,640
(9,853,176)
(8,633,087)
(1,430,694)
(326,447)
24,588
90,166
(1,406,106)
(236,281)
417,780
479,673
(988,326)
243,392

The income and expenditure account is derived from the statement of financial activities with movements in endowment funds excluded to comply with company law.

All income and expenditure is derived from continuing activities.

The notes on pages 25 to 53 form part of these accounts

PETERBOROUGH DIOCESAN BOARD OF FINANCE

BALANCE SHEET AS AT 31 DECEMBER 2024

Note
2024
£
Fixed assets
Tangible assets
15
78,769,370
Investments
16
81,552,308
Current assets
Debtors
17
1,070,663
Cash on deposit, at bank and in hand
18
6,675,474
7,746,137
Creditors: amounts falling
due within one year
19
(527,608)
Net current assets
Total assets less current liabilities
Creditors: amounts falling
due after more than one year
20
Net assets
Funds
Endowment funds
22
(including revaluation reserve £112,836,180 - 2023 £110,618,131)
Restricted funds
23
(including revaluation reserve £3,645,974 - 2023 £4,088,670)
Unrestricted income funds:
General funds
24
Designated funds
25
(including revaluation reserve £290,938 - 2023 £280,617)
Total funds
26		 2024
2023
2023
£
£
£
86,326,866
80,768,675
160,321,678
167,095,541
1,853,856
8,785,900
10,639,756
(751,748)
7,218,529
9,888,008
167,540,207
176,983,549
(75,000)
(78,000)
167,465,207
176,905,549
151,493,128
159,213,379
13,464,436
13,757,340
1,503,174
2,956,291
1,004,469
978,539
167,465,207
176,905,549

Approved by the Board and authorised for issue on 18 June 2025 and signed on its behalf by:

Paul Buckingham (Sep 29, 2025, 2:55pm)

Dr P Buckingham Chairman

Company number: 00186179

The notes on pages 25 to 53 form part of these accounts

PETERBOROUGH DIOCESAN BOARD OF FINANCE

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2024 2023 2023
£ £ £ £
Net cash flow from operating activities (3,767,927) (3,239,148)
Cash flows from investing activities
Dividends, interest and rent from investments 2,350,646 2,000,270
Proceeds from sale of tangible fixed assets 417,780 501,989
Proceeds from sale of investments 1,046,808 21,639,417
Purchase of tangible fixed assets (1,063,727) (522,744)
Purchase of investments (1,094,006) (23,516,431)
Net cash flow from investing activities 1,657,501 102,501
Change in cash and cash equivalents in the year (2,110,426) (3,136,647)
Cash and cash equivalents brought forward 8,785,900 11,922,547
Cash and cash equivalents carried forward 6,675,474 8,785,900
Reconciliation of net movement in funds to net cash flow from operating activities
Net movement in funds for the year (1,557,447) (457,019)
Adjustments for:
Depreciation 19,978 17,492
Loss on sale of fixed assets 170,917 174,061
Loss on sale of investments 10,191 -
Dividends, interest and rent from investments (2,350,646) (2,000,270)
Decrease / (increase) in debtors 783,193 (947,441)
(Decrease) in creditors (227,140) (388,500)
Adjustment for actuarial gain on pension scheme (274,800) 879,000
Net current assets of Diocesan Board of Education removed - (516,471)
Reclassification of cash held by investment managers (342,173) -
Net cash flow from operating activities (3,767,927) (3,239,148)
Analysis of cash and cash equivalents
Cash at bank and in hand 1,095,709 3,481,964
Cash on deposit with Central Board of Finance of the
Church of England and the Church Commissioners 5,579,765 5,303,936
6,675,474 8,785,900

The notes on pages 25 to 53 form part of these accounts

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

PETERBOROUGH DIOCESAN BOARD OF FINANCE

1 General information

The Peterborough Diocesan Board of Finance (the PDBF) is a company limited by Guarantee. The liability of each Board Member is limited to £1.

The registered office is The Diocesan Office, The Palace, Peterborough, PE1 1YB.

The principal activity of the charity is to promote, assist and advance the work of the Church of England in the Diocese of Peterborough by acting as the financial executive of the Peterborough Diocesan Synod. These financial statements have been presented in Pounds Sterling as this is the charity's functional currency.

2 Accounting Policies

2.1 Basis of Preparation

The financial statements have been prepared under the historical cost convention, with the exception of freehold and investment properties and investments which are included at market value. The financial statements have been prepared in accordance with "Accounting and Reporting by Charities" Statement of Recommended Practice (Second Edition, effective 1 January 2019), the Diocesan Annual Report and Financial Statements Guide (DFS 2015 Guide) and Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the charity's accounting

The financial statements have been drawn up in accordance with the requirements of the Companies Act 2006 except where the special nature of the PDBF's operations has required adaptation of the formats as allowed by section 396(5). There are no material uncertantities relating to going concern and therefore it is appropriate to continue to adopt the going concern basis in preparing the financial statements. The trustees are satisfied that the PDBF has sufficient liquid disposable reserves to maintain its level of operations.

2.2 Income

Income is accounted for on an accruals basis where both the amount and receipt are reasonably certain with the following exceptions:

Parish Share is recognised as income of the year in which it is received.

Fees and chaplaincy income is included as received. Donations and legacies are recognised where there is entitlement, probability of receipt and the amount of the gift is measurable, e.g. when the executor informs the PDBF following probate.

Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Royalties are included as received.

Income is analysed between unrestricted, restricted or endowment funds in the Statement of Financial Activities dependent on the source of the income and/or the purpose for which it has been given. Income from endowment funds is restricted income.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

PETERBOROUGH DIOCESAN BOARD OF FINANCE

2 Accounting Policies (continued)

2.3 Expenditure

Expenditure is included in the SoFA on an accruals basis, inclusive of any VAT which cannot be recovered.

Grants are recognised when payable.

Operating lease payments are recognised when payable. The assets are not capitalised in the balance sheet.

The Church Commissioners administer the clergy payroll and are re-imbursed by the charity. The costs are included in the SoFA as ministry and mission within resources expended.

The PDBF participates in both defined contribution and defined benefit pension schemes (see note 30). Contributions payable by the PDBF to the defined contribution scheme are included in the SoFA when payable. Contributions payable to the defined benefit schemes are included in the SoFA when payable in respect of current service. Contributions payable in respect of scheme deficits relating to past service are charged to the Clergy Pension Liability in the Balance Sheet.

All expenses are recognised when a liability is reasonably certain in terms of amount and payment.

Investment management costs are the apportioned staff costs involved in the management of investments and also the direct costs of agents dealing with property investments.

Wherever possible, costs are charged directly to the activity concerned. Central support costs of £790,050 (2023: £655,795) are apportioned on the basis of estimated usage of central resources at Diocesan Office and Bouverie Court.

Net gains and losses arising on revaluations and disposals during the year are included in the SoFA.

2.4 Tangible Fixed Assets

All assets costing more than £1,000 and with an expected useful life in excess of one year are capitalised.

Tangible fixed assets have been included on the following bases:

Clergy and Other Domestic Houses :

At valuation using the Halifax House Price index (which was supplied through S&P Dow Jones Indices LLC) to reflect changes in the year. In addition, a selection of properties were valued by an external estate agent based on recent sales of similar properties in order to assess the appropriateness of the valuation derived from the above method. Where other factors are identified to indicate a material change in the valuation, the carrying value of the properties concerned is revised accordingly. The revised value will then be utilised as the new base point for ongoing revaluations in future years.

Clergy houses are held in the balance sheet as tangible fixed assets given their use in the furtherance of the PDBF charitable activities. For many of these the freehold is vested in the incumbent during occupancy. Any income generated from renting out these properties is treated as investment income.

Board Property:

At valuation using the Halifax House Price index (which was supplied through S&P Down Jones Indices LLC) to reflect changes in the year. Where other factors are identified to indicate a material change in the valuation, the carrying value of the properties concerned is revised accordingly. The revised value will then be utilised as the new base point for ongoing revaluations in future years.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2 Accounting Policies (continued)

2.5 Depreciation

Depreciation is calculated to write off the cost of other tangible fixed assets on a straight line basis over the expected useful lives of the assets concerned. The principal annual rates used for this purpose are:-

Fixtures and Fittings 20%
Motor Vehicles 25%
Leasehold Improvements 20%
Computer Equipment 25%

No depreciation is charged on freehold properties. The PDBF is committed to a maintenance policy which endeavours to ensure that realisable values exceed carrying values. Accordingly the PDBF considers that the lives of these assets are so long and residual values so high that any resulting depreciation charge is not material. As explained above a policy of re-valuation has been adopted.

2.6 Fixed Asset Investments

Fixed asset investments have been included on the following bases:

Listed Investments are stated at bid price at the balance sheet date.

Unlisted Investments are stated at market value at the balance sheet date.

Agricultural Land and Commercial Property was valued at 31 December 2024 as part of an estate held for investment purposes by the glebe agent, Andrew Granger and Co Limited, 44-46 Forest Road, Loughborough, Leicestershire, LE11 3NP.

Domestic Properties are valued at either cost or the mid-point of the council tax banding as adjusted by a published index to reflect changes since the last valuation.

Benefice Properties which have been vacated by their incumbent and are being rented out are presented as tangible fixed assets within the financial statements. This is not in accordance with FRS 102 which requires that they are recognised as Investment Properties. This presentation has been used for the purposes of achieving a true and fair view as this reflects the intended long term use of the properties concerned.

2.7 Custodian Trustee

Investments held by the charity as Custodian Trustee are not included in these financial statements but are set out separately in note 31.

2.8 Debtors

Debtors are measured at the transaction price less any impairment. Loans are initially measured at fair value and are measured subsequently at amortised cost less any impairment.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

PETERBOROUGH DIOCESAN BOARD OF FINANCE

2 Accounting Policies (continued)

2.9 Cash and Cash equivalents

Cash and cash equivalents are cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities

Liabilities due within one year are recognised on an accruals basis. Liabilities due after one year relate to long term loans either for the purchase of domestic property or for onward lending to parishes. The loans to parishes are also represented in debtors due after one year.

Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value and are measured subsequently at amortised cost using the effective interest method.

2.11 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.12 Pension contributions

The charity's staff are members of the Church of England Pension Board's defined contribution pension scheme and Clergy are members of the Church of England Funded Pensions Scheme. The pension costs charged as resources expended represent the charity's contributions in respect of the accounting period, in accordance with FRS 102. Lay staff who are members of the stakeholder pension scheme or have contributions paid into their own personal pension plan are accounted for in the month in which they are deducted. Deficit funding for the pension schemes in which the charity participates is accrued at current value in creditors distinguished between contributions falling due within one year and after more than one year.

2.13 Fund Accounting

In accordance with the SORP - "Accounting and Reporting by Charities" (Second Edition, effective 1 January 2019), the charity's funds are analysed under specific headings as follows:

Unrestricted Funds - available for any purpose of the charity. These funds may be set aside by the charity for specific purposes creating designated funds.

Restricted Funds - these are subject to legally binding conditions imposed by the donor upon the charity or by the terms of an appeal.

Permanent Endowment Funds - these funds are held to produce income, and are sometimes called capital funds. The income from endowment funds is added to the relevant fund, along with investment movements.

Expendable Endowment Funds - these are funds that may be used as income at the discretion of the charity. Use of the funds are subject to legally binding conditions imposed by the donor upon the charity or by terms of an appeal.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2 Accounting Policies (continued)

2.13 Fund Accounting (continued)

Investment income and movement in market values of property/investments are allocated to the appropriate fund.

During the year monies may be transferred between specific funds in line with the PDBF budget, as approved by Diocesan Synod. These only appear on the SoFA if the transfer is between the fund types identified above.

2.14 Taxation

The Diocese does not carry out any non-charitable activities that may give rise to a Corporation Tax liability.

2.15 Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

The key estimates and assumptions made in these accounts are:

Clergy and Other Domestic Houses:

At either cost or at a valuation using a published index to reflect changes since the last valuation. In addition, a selection of properties are reviewed each year by the Diocesan Property Officer based on recent sales of similar properties in order to assess the appropriateness of the valuation derived from the above method. Where other factors are identified to indicate a material change in the valuation, the carrying value of the properties concerned is revised accordingly. The revised value will then be utilised as the new base point for ongoing revaluations in future years.

The valuation methodology used will be reviewed annually.

Pension scheme liability

The deficit funding liability for the Church of England Funded Pension Scheme liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the assumptions set out in note 29 and set by reference to the duration of the deficit recovery payments.

Depreciation

Depreciation is calculated on a straight line basis, based on the trustees best estimate of the useful economic lives of assets. Depreciation policies can be seen above.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3
Parish share
Current year requests
Shortfall in contributions
Receipts for prior year
4
Other donations
All Churches Trust
Forsters Charity
Mission Fund donations
Donations
Strategic Development Fund
Low Income Communities grant
Strategic Ministry Fund
RME Block grants
Central Church Net Zero grant
Flourish
Central Church Minor church repairs
Central Church Quick Wins
Other grants
5
Charitable activities
Statutory fees for parochial services		 Total
Total
2024
2023
£
£
7,831,557
7,902,028
(1,844,678)
(1,672,865)
5,986,879
6,229,163
199,401
69,658
6,186,280
6,298,821
Total
Total
2024
2023
£
£
91,053
105,875
3,660
6,960
16,500
8,800
194,523
111,055
211,897
163,051
343,165
331,880
74,877
53,610
23,383
119,920
-
15,000
55,000
-
16,120
-
14,713
-
7,390
-
1,052,281
916,151
Total
Total
2024
2023
£
£
318,763
351,462

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6
Other income
Administration income
7
Investment income
Dividends receivable
Interest receivable
Rents receivable:
Properties
Glebe
8
Raising funds
Professional charges
Loss on disposal of property
Other support costs		 Total
Total
2024
2023
£
£
59,598
54,492
Total
Total
2024
2023
£
£
1,046,476
799,327
350,751
322,881
444,476
377,389
508,943
500,673
2,350,646
2,000,270
Total
Total
2024
2023
£
£
250,981
253,186
170,917
174,061
245,322
133,676
667,220
560,923

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9
Charitable activities
National Church
Clergy stipends and staff costs (note 10)
Clergy housing
Clergy training
Grants and donations (note 11)
Diocesan support for Parish Mission (note 12)
10
Clergy stipends and staff costs
Stipends and employers national insurance
Pension contributions
Removal, resettlement and other grants
Other expenses and other grants
11
Grants and donations		 Total
Total
2024
2023
£
£
334,212
335,870
5,573,905
5,035,542
1,998,374
1,698,870
738,094
679,988
485,477
289,175
1,727,733
1,477,847
10,857,795
9,517,292
Total
Total
2024
2023
£
£
4,378,642
3,822,135
863,820
857,011
198,801
239,111
132,642
117,285
5,573,905
5,035,542
Bishop's Discretionary Funds
Widows and Dependants
Shared Churches Peterborough
Northamptonshire Ecumenical Council
Peterborough Diocesan Board of Education
Quinquennial grants
Mission Fund grants
Other grants
Net Zero consultancy		 Total
Total
2024
2023
£
£
6,000
3,000
16,140
11,583
32,772
32,961
7,645
7,645
235,312
163,231
36,400
9,984
35,000
20,100
116,208
25,671
-
15,000
485,477
289,175

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12
Diocesan support for Parish Mission
Bishop's Advisors and Support to Parishes
DAC, Legal, Stewardship, Support to parishes and asset management
Bishop's Officers and Mission work in the Parishes
Adult, Lay and Clergy Training and Conferences
Social Responsibility (including overseas links)
SSMs, Readers, Pastoral Assistants, Parish Evangelists
Strategic Development Fund - "Generation to Generation" project
Other costs
Included above are Governance costs of £106,157 (2023 : £115,651)
13
Deficit for the financial year
The net deficit for the financial year is stated after charging:
Auditors remuneration including VAT:
in respect of audiit services - current year
in respect of corporation tax computations - current year
in respect of audit services - under-provision of prior year
Depreciation on tangible fixed assets
Adjustment on disposal of tangible fixed assets
Operating lease charges in the year
Interest charges on Church Commissioner Value Linked Loans		 Total
Total
2024
2023
£
£
177,901
169,114
676,864
551,058
343,514
286,134
278,057
259,067
1,503
8,734
20,973
8,564
210,008
188,210
18,913
6,966
1,727,733
1,477,847
2024
2023
£
£
28,800
27,000
450
-
7,500
-
36,750
27,000
19,977
17,492
397,283
174,061
31,000
31,000
7,281
12,069

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14 Analysis of staff costs, trustee remuneration and expenses and the cost of key management personnel

Staff costs

Employee costs during the year were as follows:
Wages and salaries
National insurance contributions
Pension costs		 Total
Total
2024
2023
£
£
1,287,886
1,240,610
120,677
116,140
142,823
143,429
1,551,386
1,500,179

Redundancy and termination costs during the year totalled £23,845 (2023 - £18,148).

Clergy stipends

The PDBF is responsible for funding via the Church Commissioners the stipends of licensed stipendiary clergy in the diocese, other than bishops and cathedral staff. The PDBF is also responsible for the provision of housing for stipendiary clergy in the diocese including the suffragan bishop but excluding diocesan bishop and cathedral staff.

The stipends of the Bishop and Suffragan Bishop were paid and funded by the Church Commissioners.

The PDBF paid an average of 130 (2023 - 124) stipendiary clergy and lay ministers as office-holders holding parochial or diocesan appointments in the Diocese and the costs were as follows:

Stipends
National insurance contributions
Pension costs - current year contributions		 Total
Total
2024
2023
£
£
4,065,731
3,559,052
312,911
263,083
863,820
857,011
5,242,462
4,679,146

The average number of employees during the year was as follows:

Archdeacons
Stipendiary Parochial Ministers
Diocesan Boards and Councils
Parochial Youth Staff (SDF)
Administration		 2024
full-time
2
120
18
1
7
148		 2024
part-time
-
8
2
2
9
21		 2023
2023
full-time
part-time
2
-
106
16
19
2
4
2
9
6
140
26

In addition to the above, there are 39 self supported ministers and a further 11 house for duty ministers.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14 Analysis of staff costs, trustee remuneration and expenses and the cost of key management personnel

The number of staff whose emoluments (including benefits in kind but excluding national insurance and pension contributions) amounted to more than £60,000 were as follows:

2024 2023
£80,001 - £90,000 1 -
£70,000 - £80,000 - 1

Remuneration of key management personnel

Key management personnel are deemed to be those having authority and responsibility, delegated to them by the trustees for planning, directing and controlling the activities of the Diocese. During 2024 they were:

Diocesan Secretary and Company Secretary Andrew Roberts
Chief Finance Officer David Mason
Assistant Diocesan Secretary Sue Ratcliffe
Director of Children and Youth Pete White
Director of Mission and Development Charlie Nobbs
Director of Vocation and Formation Haydon Spenceley
Diocesan Safeguarding Officer Victoria Kellett

Remuneration, pensions and expenses for these employees amounted to £440,615 (2023 : £360,890).

Trustees remuneration and expenses

During the year, no trustee received any remuneration for services as a trustee or received any travel expenses relating to services as a trustee (2023 : none).

During the year the charity made contributions to the Church Commissioners at the standard rate agreed by Diocesan Synod towards the stipends, national insurance and pension contributions of the licensed clergy who are directors of the Board and provided houses, including payment of council tax and maintenance costs, as part of normal clergy remuneration.

The following table gives details of the trustees who were in receipt of a stipend and/or housing provided by the Board during the year:

Stipend Housing
Revd J Baxter Yes Yes
Ven A Booker Yes Yes
Rt Rev J Holbrook No Yes
Revd K Hutchins No Yes
Revd M Lucas Yes Yes
Ven R J Ormston Yes Yes
Revd S Trott Yes Yes

The charity is responsible for funding, via the Church Commissioners, the stipends of licensed stipendiary clergy in the Diocese, other than bishops and cathedral staff. The charity is also responsible for the provision of housing for stipendiary clergy in the Diocese including the Suffragan Bishop.

3(7(5%2528*+',2&(6$1%2$5'2)),1$1&(

127(6727+(),1$1&,$/67$7(0(176 FOR THE YEAR ENDED 31 DECEMBER 2024


7DQJLEOH IL[HG DVVHWV
&RVW RU YDOXDWLRQ
$W  -DQXDU\ 
$GGLWLRQV
'LVSRVDOV SURFHHGV
(OLPLQDWHG RQ GLVSRVDO
5HYDOXDWLRQ
1HW WUDQVIHUUHG WR IL[HG DVVHW LQYHVWPHQWV
$W  'HFHPEHU 
'HSUHFLDWLRQ
$W  -DQXDU\ 
&KDUJH IRU WKH \HDU
(OLPLQDWHG RQ GLVSRVDOV
$W  'HFHPEHU 
1HW ERRN YDOXH
$W  'HFHPEHU 
$W  'HFHPEHU 		 )UHHKROG
6KRUW
ODQG DQG
/HDVHKROG
EXLOGLQJV
LPSURYHPHQWV



























		 2IILFH
HTXLSPHQW













		 7RWDO
















7KHKLVWRULFDOFRVWRIWKHODQGDQGEXLOGLQJVLV… … 

7KH KLVWRULFDO FRVW RI ODQG DQG EXLOGLQJV VKRZQ DERYH LV RQO\ IRU SXUFKDVHV PDGH E\ WKH '%) 7KH KLVWRULFDO FRVW RIODQGDQGEXLOGLQJVWDNHQRYHUE\WKH'%)IURPSDULVKHVLVQRWNQRZQ

)L[HGDVVHWLQYHVWPHQWV

9DOXDWLRQ
$W  -DQXDU\ 
$GGLWLRQV
'LVSRVDOV SURFHHGV
*DLQ RQ GLVSRVDO
5HYDOXDWLRQ
1HW WUDQVIHUUHG IURP IL[HG DVVHWV
7UDQVIHUUHG IURP FDVK EDODQFHV
$W  'HFHPEHU 
+LVWRULF FRVW DW  'HFHPEHU 
+LVWRULF FRVW DW  'HFHPEHU 		 ,QYHVWPHQW
SURSHUWLHV











  		 /LVWHG
LQYHVWPHQWV










		 8QOLVWHG
LQYHVWPHQWV










		 7RWDO













PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16 Fixed asset investments (continued)

The glebe land valuation was conducted by Andrew Granger & Co Limited as at 31 December 2023.

The historical cost of glebe land and buildings shown above is only for purchases made by the DBF. The historical cost of glebe land and buildings taken over by the DBF from parishes is not known.

Listed investments are valued at bid price at the year end.

Unlisted investments consist of holdings in CBF Church of England Funds managed by CCLA Investment Managers Limited (the CBF Investment Fund and CBF Short Duration Bond Fund).

17 Debtors

Due within one year
Parochial loans
Trade debtors
Other debtors
Due after more than one year
Parochial loans
Total debtors
18
Cash and cash equivalents
Cash at bank and in hand - current and deposit accounts
Funds with the Central Board of Finance of the Church of
England Deposit fund and the Church Commissioners		 2024
2023
£
£
41,848
34,347
134,985
124,244
837,085
1,631,022
1,013,918
1,789,613
56,745
64,243
1,070,663
1,853,856
2024
2023
£
£
1,095,709
3,481,964
5,579,765
5,303,936
6,675,474
8,785,900

Cash held by Charles Stanley had been included within cash at bank, but is now shown within the investment portfolio.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19
Creditors: amounts falling due within one year
Trade creditors
Taxation and social security
Other creditors
Accruals and deferred income
Church Commissioners value linked loans
20
Creditors: amounts falling due after more than one year
Church Commissioners value linked loans		 2024
2023
£
£
121,260
81,042
50,548
57,582
289,607
428,666
66,193
122,323
-
62,135
527,608
751,748
2024
2023
£
£
75,000
78,000
75,000
78,000

Value linked loans are repayable either when the house concerned is sold or when it ceases to be occupied by a qualifying person. Interest is charged by the Commissioners at 4% per annum on the amount loaned initially, the rate rising annually by the increase in the Retail Price Index.

21 Transfers

The transfers between funds during 2024 were:

Sale proceeds of parsonages
Resource Ministry costs - 2023
Ordinand candidates fund - 2023
Parsonage repair costs
The transfers between funds during 2023 w
Sale proceeds of parsonages
Dividend income transferred
Parsonage repair costs		 Unrestricted
£
-
114,705
12,967
817,242
944,914
ere:
Unrestricted
£
-
39,819
625,223
665,042		 Designated
£
-
-
-
-
-
Designated
£
-
-
-
-		 Restricted
Endowment
£
£
417,780
(417,780)
(114,705)
-
(12,967)
-
(817,242)
-
(527,134)
(417,780)
Restricted
Endowment
£
£
439,854
(439,854)
-
(39,819)
(625,223)
-
(185,369)
(479,673)

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

22 Endowment funds

The endowment funds are held on trust to be retained for the benefit of the charity as a capital fund. Where the whole of the fund must be permanently maintained it is known as permanent endowment. Where there is power of discretion to convert endowed funds into income, the fund is classified as expendable endowment.

Permanent Endowments
Balance
at 1.1.24
Current year
£
Houses Committee
1,456,730
Stipends Capital
393,052
Diocesan Stipends
Capital Fund
77,970,400
Church Major Works
137,944
79,958,126		 Income
£
40,437
10,911
1,490,011
3,727		 Expenditure
£
-
-
(1,671,839)
-		 Transfers
in/(out)
£
-
-
-
-
-		 Gains/
Balance
(Losses)
at 31.12.24
£
£
33,342
1,530,509
8,996
412,959
(925,715)
76,862,857
3,073
144,744
(880,304)
78,951,069
1,545,086 (1,671,839)
Prior year
Houses Committee
Stipends Capital
Diocesan Stipends
Capital Fund
Church Major Works		 Balance
at 1.1.23
£
1,331,461
359,252
76,307,979
122,727
78,121,419		 Income
£
39,819
10,744
1,260,323
3,670		 Expenditure
£
-
-
(1,445,128)
-		 Transfers
in/(out)
£
(39,819)
(10,744)
10,744
-
(39,819)		 Gains/
Balance
(Losses)
at 31.12.23
£
£
125,269
1,456,730
33,800
393,052
1,836,482
77,970,400
11,547
137,944
2,007,098
79,958,126
1,314,556 (1,445,128)

Houses Committee

This fund represents the permanent capital of the Houses Committee and, under the Repair of Benefices Measure 1972, only the income from the capital and not the capital itself may be used for the general purposes of the Houses Committee.

Stipends Capital

This represents the capital of a number of bequests, the income from which may only be used for clergy stipends.

Diocesan Stipends Capital Fund

The Diocesan Stipends Capital Fund was set up under the Endowments and Glebe Measure 1976 to provide income for clergy stipends. It represents glebe property, the accumulated sale proceeds of glebe property, sale proceeds of certain parsonage houses and surplus benefice endowments following pastoral re-organisation. Capital funds may be used for the purchase of glebe property and capital expenditure on parsonage house property.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

PETERBOROUGH DIOCESAN BOARD OF FINANCE

22 Endowment funds (continued)

Permanent Endowments (continued)

Church Major Works Fund (formerly Church Major Repair Fund)

This fund may be loaned to parishes in need of funds for works to churches.

Expendable Endowments

Current year
Education Act 1996
Clergy Houses
Prior year
Education Act 1996
Clergy Houses		 Balance
at 1.1.24
£
-
79,255,253
79,255,253
Balance
at 1.1.23
£
1,851,645
81,999,316
83,850,961		 Income
£
-
-		 Expenditure
£
-
-		 Transfers
in/(out)
£
-
(417,780)
(417,780)
Transfers
in/(out)
£
(1,851,645)
(439,854)
(2,291,499)		 Gains/
Balance
(Losses)
at 31.12.24
£
£
-
-
(6,295,414)
72,542,059
(6,295,414)
72,542,059
Gains/
Balance
(Losses)
at 31.12.23
£
£
-
-
(2,304,209)
79,255,253
(2,304,209)
79,255,253
- -
Income
£
-
-		 Expenditure
£
-
-
- -

Education Act 1996 (Section 554)

This is an expendable endowment which can be used to support the work of the Peterborough Diocesan Board of Education.

Clergy Houses

These funds are represented by clergy houses. Although benefice houses are vested in incumbents for the time being of the benefices concerned, the DBF is obliged to maintain them, to ensure that there are sufficient houses for the pastoral structure of the Diocese. The Pastoral Account funds new parsonage houses and transfers the asset to the Clergy House fund. Any sale proceeds, net of original cost, are transferred back into the Pastoral Account.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

23
Restricted funds
Current year
Houses Committee
Widows & Dependants
Ordination Candidates
Education Act 1996
Church Major Works
Resourcing Ministerial
Education (RME)
Gen 2 Gen - SDF
Family Care Fund
Pastoral Account
Net Zero grant
Flourish
Minor church repairs
Quick Wins
Prior year
Houses Committee
Widows & Dependants
Ordination Candidates
Education Act 1996
Church Major Works
Resourcing Ministerial
Education (RME)
Gen 2 Gen - SDF
Family Care Fund
Pastoral Account
Energy grant funding		 Balance
at 1.1.24
£
6,746,691
531,047
145,214
-
56,939
119,387
(40)
200
6,157,902
-
-
-
-
13,757,340
Balance
at 1.1.23
£
6,524,540
488,020
130,474
335,004
54,138
(533)
25,119
200
6,205,917
-
13,762,879		 Income
£
444,476
16,381
3,611
-
4,951
23,383
211,897
-
239,865
-
55,000
16,120
14,713		 Expenditure
£
-
(16,140)
(14,525)
-
-
(25,636)
(210,008)
-
(32,772)
(11,249)
(40,902)
(2,238)
-		 Transfers
in/(out)
£
-
-
(12,967)
-
-
(114,705)
-
-
(399,462)
-
-
-
-
(527,134)
Transfers
in/(out)
£
-
-
-
(335,004)
-
-
-
-
(185,369)
-
(520,373)		 Gains/
Balance
(Losses)
at 31.12.24
£
£
(456,964)
6,734,203
11,290
542,578
2,977
124,310
-
-
-
61,890
-
2,429
-
1,849
-
200
-
5,965,533
-
(11,249)
-
14,098
-
13,882
-
14,713
(442,697)
13,464,436
Gains/
Balance
(Losses)
at 31.12.23
£
£
(155,238)
6,746,691
40,204
531,047
11,185
145,214
-
-
-
56,939
-
119,387
-
(40)
-
200
-
6,157,902
-
-
(103,849)
13,757,340
1,030,397 (353,470)
Income
£
377,389
14,406
3,555
-
2,801
119,920
163,051
-
170,315
15,000		 Expenditure
£
-
(11,583)
-
-
-
-
(188,210)
-
(32,961)
(15,000)
866,437 (247,754)

Houses Committee

This fund represents non-parsonage houses held in the name of the Diocesan Board of Finance. On sale the proceeds are transferred back to general funds.

Widows and Dependants

This is a revenue fund made up of trust income and donations specifically given for the relief of clergy widows and their dependants.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

23 Restricted funds (continued)

Ordination Candidates

This is a revenue fund made up of trust income and donations specifically given for the support of ordinands and their families during training.

Schools Fund/Education/Education Act 1996

The income of these funds primarily represents income from the Department for Education and Skills for specific building projects and repairs carried out during the year. The Education Act 1996 fund balance is made up of sale proceeds from closed schools and is used primarily towards improvement costs at Church Aided Schools.

Church Major Works Fund (formerly Church Major Repair Fund)

This represents unspent income from the endowment fund.

Resourcing Ministerial Education (RME)

This is a fund created by changes to how Ordinands in training are funded by the Church Commissioners Ministry Division (from September 2017). It represents surplus/(deficits) between the value of the grants given by Ministry Division and the actual costs of training.

Gen 2 Gen

This relates to the Gen 2 Gen Childrens and Youth worker programme funded by The Church Commissioners Strategic Development Fund (SDF)

Family Care Fund

This represents funds received from Family Care under a Deed of Gift and must be spent in accordance with the terms of the Deed. The terms of the Deed include working in partnership with families and other agencies to protect children and prevent family breakdown.

Pastoral Account

This represents the capital and investment income which is made up from the sale proceeds of parsonage houses and churches which have become redundant under pastoral reorganisation. At the year end funds from the Expendable Endowment Fund and Designated Fund were transferred into the fund in accordance with the 2006 Diocesan Accounts Group recommendations.

Energy Grant Funding

The Diocese received £265,000 from Church Commissioners for distribution to parishes to help with rising energy costs. It was decided to spread this equally across all parishes, giving £755 to each parish.

Flourish

This relates to the Flourish project programme funded by The Church Commissioners.

Minor Church repairs

This relates to grant funding received through the Historic Church Buildings Officer to enable parish churches to receive funding for small projects to help keep buildings dry and help on their journey to Net Zero.

Quick Wins

This relates to grant funding received through the Historic Church Buildings Officer to enable parish churches to receive funding for small scale decarbonisation works, to help on their journey to Net Zero.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

24 Unrestricted funds

Current year
General fund
Prior year
General fund		 Balance
at 1.1.24
£
2,956,291
2,956,291
Balance
at 1.1.23
£
2,346,079
2,346,079		 Income
£
7,341,475		 Expenditure
£
(9,464,706)		 Transfers
in/(out)
£
944,914
944,914
Transfers
in/(out)
£
665,042
665,042		 Gains/
Balance
(Losses)
at 31.12.24
£
£
(274,800)
1,503,174
(274,800)
1,503,174
Gains/
Balance
(Losses)
at 31.12.23
£
£
879,000
2,956,291
879,000
2,956,291
7,341,475 (9,464,706)
Income
£
7,431,403		 Expenditure
£
(8,365,233)
7,431,403 (8,365,233)

The General fund is a free reserve representing accumulated annual surpluses less deficits on the PDBF's main activities and represents the fund used in the ongoing business of the PDBF.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

25 Designated funds

Current year
Church Major Works
Mission Fund
Prior year
Church Major Works
Mission Fund		 Balance
at 1.1.24
£
843,308
135,231
978,539
Balance
at 1.1.23
£
804,531
146,531
951,062		 Income
£
24,080
26,529		 Expenditure
£
-
(35,000)		 Transfers
in/(out)
£
-
-
-
Transfers
in/(out)
£
-
-
-		 Gains/
Balance
(Losses)
at 31.12.24
£
£
10,321
877,709
-
126,760
10,321
1,004,469
Gains/
Balance
(Losses)
at 31.12.23
£
£
38,777
843,308
-
135,231
38,777
978,539
50,609 (35,000)
Income
£
-
8,800		 Expenditure
£
-
(20,100)
8,800 (20,100)

Church Major Works Fund (formerly Church Major Repair Fund)

This was set up by Diocesan Synod under the "Budget for Growth" and is used to assist parishes with major church repairs. The funds are available as loans and, exceptionally, as grants.

Mission Fund

This Fund exists to provide monies for expenditure on mission activities specifically supported by the Diocese.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

26 Analysis of net assets between funds

Fund balances at 31 December 2024 are represented by:

Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Included in the above is a
Tangible fixed assets
Investments		 Unrestricted
£
24,978
-
2,005,804
(527,608)
-
1,503,174
revaluation reser
-
-
-		 Designated
Restricted
£
£
-
4,177,800
461,257
2,815,294
543,212
6,546,342
-
-
-
(75,000)
1,004,469
13,464,436
ve which relates to:
-
1,426,107
290,938
2,219,867
290,938
3,645,974		 Endowment
Total
£
£
74,566,592
78,769,370
77,933,584
81,210,135
(1,007,048)
8,088,310
-
(527,608)
-
(75,000)
151,493,128
167,465,207
58,311,166
59,737,273
54,525,014
57,035,819
112,836,180
116,773,092

Fund balances at 31 December 2023 are represented by:

Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Included in the above is a
Tangible fixed assets
Investments		 Unrestricted
£
26,483
-
3,619,421
(689,613)
-
2,956,291
revaluation reser
-
-
-		 Designated
Restricted
£
£
-
5,808,862
450,936
611,673
527,603
7,476,940
-
(62,135)
-
(78,000)
978,539
13,757,340
ve which relates to:
-
3,605,139
280,617
483,531
280,617
4,088,670		 Endowment
Total
£
£
80,491,521
86,326,866
79,706,066
80,768,675
(984,208)
10,639,756
-
(751,748)
-
(78,000)
159,213,379
176,905,549
70,570,049
74,175,188
40,048,082
40,812,230
110,618,131
114,987,418

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

27 Capital commitments and contingent liabilities
2024 2023
£ £
Expenditure on house repairs approved but not contracted for 2,602 4,570
Ordinands support grants approved 235,543 161,700
Contingent liability in respect of guarantee given 150,000 150,000

The contingent liability relates to a guarantee given to The Charity Bank in respect of a loan given to St Matthew's PCC, Northampton.

28 Operating leases

Lessee:

At 31 December 2024, PDBF had commitments under non-cancellable operating leases as follows:

2024 2023
£ £
Within one year 31,000 31,000

Lessor:

At 31 December 2024, PDBF had agreed commitments as a lessor under non-cancellable operating leases to receive receipts as follows:

Investment properties
within one year
within two to five years
over five years
At 31 December 2024		 2024
2023
£
£
748,535
725,999
150,534
137,845
59,861
59,061
958,930
922,905

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

PETERBOROUGH DIOCESAN BOARD OF FINANCE

29 Pension costs

Church Workers Pension Fund

PDBF participates in the Defined Benefits Scheme section of the Church Workers Pension Fund (CWPF) for some lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Employer and the other participating employers.

The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014.

Defined Benefit Scheme

The Defined Benefits Scheme (“DBS”) section of the Church Workers Pension Fund provides benefits for lay staff based on final pensionable salaries.

For funding purposes, DBS is divided into sub-pools in respect of each participating employer as well as a further sub-pool, known as the Life Risk Pool. The Life Risk Pool exists to share certain risks between employers, including those relating to mortality and post-retirement investment returns.

The division of the DBS into sub-pools is notional and is for the purpose of calculating ongoing contributions. This does not alter the fact that the assets of the DBS are held as a single trust fund out of which all the benefits are to be provided. From time to time, a notional premium is transferred from employers’ sub-pools to the Life Risk Pool and all pensions and death benefits are paid from the Life Risk Pool.

The scheme is a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute DBS assets and liabilities to specific employers, since each employer, through the Life Risk Section, is exposed to actuarial risks associated with the current and former employees of other entities participating in DBS. This means that contributions are accounted for as if DBS were a defined contribution scheme. The pensions costs charged to the SoFA during the year are contributions payable towards benefits and expenses accrued in that year (2024: £nil, 2023: £nil) plus the figures in relation to the DBS deficit highlighted in the table below as being recognised in the SoFA, giving a total charge of £nil for 2024 (2023: £nil).

If, following an actuarial valuation of the Life Risk Pool, there is a surplus or deficit in the pool, further transfers may be made from the Life Risk Pool to the employers’ sub-pools, or vice versa. The amounts to be transferred (and their allocation between the sub-pools) will be settled by the Church of England Pensions Board having taken advice from the Actuary.

A valuation of DBS is carried out once every three years. At the most recent valuation at 31 December 2022 there was a surplus of £73.6m.

The next actuarial valuation is due at 31 December 2025.

Since 31 December 2023, the Board has entered into a full buy-in agreement with Aviva to insure all accrued benefits within the DBS of the CWPF.

The Church of England Pensions Board agreed that deficit contributions should cease with effect from 31 December 2022 for employers whose pools were estimated to be materially in surplus. As a result, there is no obligation recognised as a liability within the Employer’s financial statements as at 31 December 2023 or 31 December 2024.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

29 Pension costs (continued)

The movement in the provision is set out below.

Balance sheet liability at 1 January
Deficit contribution paid
Interest cost (recognised in SoFA)
Remaining change to the balance sheet liability* (recognised in SoFA)
Balance sheet liability at 31 December		 2024
2023
£
£
-
-
-
-
-
-
-
-
-
-

This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions, set by reference to the duration of the deficit recovery payments:

December 2024 December 2023 December 2022

Discount rate n/a n/a 0.0%

The legal structure of the scheme is such that if another employer fails, the DBF could become responsible for paying a share of that employer's liabilities.

Pension Builder Scheme (PBS)

For eligible salaried employees who commenced employment after 1 January 2000, the charity participates in the Church of England Pension Builder Scheme, within the Church Workers Pension Fund, which is administered by the Church of England Pensions Board.

The PBS of the Church Workers Pension Fund is made of two sections, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined contribution schemes.

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

29 Pension costs (continued)

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 to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions cost charged to the SoFA in the year are contributions payable.

A valuation of the scheme is carried out once every three years. The most recent 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. At the most recent annual review effective 1 January 2025, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.7% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current time.

The next valuation is due at 31 December 2025.

For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The legal structure of the scheme is such that if another employer fails, PDBF could become responsible for paying a share of that employer's pension liabilities.

Clergy Pension Fund

Peterborough DBF 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 schemes separately from those of the Responsible Bodies.

Each participating Responsible Body in the Church of England Funded Pensions Scheme pays contributions at a common contribution rate applied to pensionable stipends.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute the Scheme’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 to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year, which were £863,820 in 2024 (2023: £857,011), plus any figures arising from contributions in respect of the Scheme’s deficit (see below). The 2021 valuation showed the Scheme to be fully funded and as such in 2024, following the valuation results being agreed, the deficit contributions paid were £nil (2023: £nil).

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

PETERBOROUGH DIOCESAN BOARD OF FINANCE

29 Pension costs (continued)

A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed 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:

• Mortality in accordance with 90% of the S3NA tables, with allowance for improvements in mortality rates from 2013 in line with the CMI2020 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter of 7, an initial addition to mortality improvements of 0.5% pa and an allowance for 2020 data of 0% (i.e. w2020 = 0%).

Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was fully funded.

The deficit recovery contributions under the recovery plan in force at each 31 December were as follows:

%age of pensionable stipends January 2022 to December 2024 January 2021 to December 2021
Deficit repair contribution 0.0% 7.1%

An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from April 2022, and remained in place until December 2022.

For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme’s rules.

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there were no deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 December 2023 and 31 December 2024 is nil. The movement in the balance sheet liability over 2023 and over 2024 is set out in the table below.

Balance sheet liability as at 1 January
Deficit Contributions paid
Interest cost (recognised in the SoFA)
Remaining change to the balance sheet liability* (recognised in SoFA)
Balance sheet liability at 31 December		 2024
2023
£
£
-
-
-
-
-
-
-
-
-
-

The legal structure of the scheme is such that if another Responsible Body fails, Peterborough DBF could become responsible for paying a share of that Responsible Body’s pension liabilities.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

30 Trust funds

The charity acts as custodian trustee of a number of trusts in the diocese. The invested capital of these trusts, which is vested in the charity as custodian trustee but which does not form part of the charity's assets, amounted to £18,082,267 at 31 December 2024 (2023 : £17,415,955) made up as follows:

Land & Buildings
Miscellaneous Unlisted Investments
Central Board of Finance:
Investment Fund shares
Short Duration Bond Fund shares
Equity Fund
Property Fund
Deposits
Diocesan Board of Education bank balances		 2024
Cost
£
727,124
533,778
2,850,902
460,516
96,851
96,851
1,585,342
857,968
7,209,332		 2024
Valuation
£
1,158,178
1,427,048
12,375,171
468,348
125,438
84,774
1,585,342
857,968
18,082,267		 2023
2023
Cost
Valuation
£
£
727,124
946,326
550,188
1,436,638
2,846,868
12,094,322
459,929
454,047
49,490
76,566
49,490
39,460
1,518,909
1,518,909
849,687
849,687
7,051,685
17,415,955

31 Related party transactions

The Diocese maintains a register of Trustees interests. Trustees have declared participation in training funded by the Diocese and transactions arising from their stipendiary ministry and housing (note 14). It shows no other related party transactions. Any such transactions are at arm's length under the normal commercial terms applied by the DBF and are part of its normal activities.

The charity has made reasonable endeavours to confirm from trustees that they are not aware of any related party transactions with themselves or close family members. The charity is not aware of any further transactions which require disclosure other than those already noted here.

The Very Reverend Chris Dalliston is one of the trustees of the PDBF and also a trustee of Launde Abbey Trust and Peterborough Cathedral.

The Venerable Richard Ormston and The Revd Katrina Hutchins are trustees of the PDBF and also the Peterborough Diocesan Board of Education (PDBE). The PDBF provides financial support to the PDBE by way of an annual grant and also accounting and payroll services at no cost to the PDBE.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

31 Related party transactions (continued)

During the year, the PDBF entered in to transactions with the following related parties.

Sales invoiced Purchases bought
2024 2023 2024 2023
£ £ £ £
Launde Abbey Trust - - 620 250
Launde Abbey Enterprises Limited (a
wholly
owned
subsidiary		 of Launde
Abbey Trust) - - 36,863 59,966
Bishop's Office 11,346 13,057 - -
Peterborough Cathedral 51,507 41,435 2,626 951
At the end of the financial year, the following balances were outstanding:
Sales ledger Purchase ledger
2024 2023 2024 2023
£ £ £ £
Launde Abbey Trust - - - -
Launde Abbey Enterprises Limited (a
wholly
owned
subsidiary		 of Launde
Abbey Trust) - - 5,730 3,544
Bishop's Office 1,007 1,891 - -
Peterborough Cathedral 14,952 18,316 431 294

Parochial Church Councils

Parochial Church Councils (PCCs) support PDBF financially with payments of parish share. Many committee members and trustees are also members of PCCs within the Diocese. Much of PDBF's activity is in support of PCCs through practical assistance and advice and in the provision of grants and loans.

PETERBOROUGH DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

32 Prior year Statement of Financial Activities (SoFA)

Income and endowments from
Donations:
Parish share
Other donations
Charitable activities
Other income
Investment income
Total incoming resources
Expenditure on
Raising funds
Charitable activities
Total outgoing resources
Net income/(expenditure)
before investment gains
Net gains on Investments
Net income/(expenditure)
Transfers between funds
Other recognised gains/(losses)
Gains/(losses) on revaluations
and disposals of fixed assets
Actuarial gains on pension schemes
Net movement in funds
Transferred to DBE
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
6,298,821
618,180
351,462
54,492
117,248
7,440,203
386,862
7,998,471
8,385,333
(945,130)
38,777
(906,353)
665,042
-
879,000
637,689
-
3,297,141
3,934,830		 Restricted
Funds
£
-
297,971
-
-
568,466
866,437
-
247,754
247,754
618,683
51,389
670,072
(185,369)
(155,238)
-
329,465
(335,004)
13,762,879
13,757,340		 Endowment
Total
Funds
2023
£
£
-
6,298,821
-
916,151
-
351,462
-
54,492
1,314,556
2,000,270
1,314,556
9,621,196
174,061
560,923
1,271,067
9,517,292
1,445,128
10,078,215
(130,572)
(457,019)
2,069,429
2,159,595
1,938,857
1,702,576
(479,673)
-
(2,366,540)
(2,521,778)
-
879,000
(907,356)
59,798
(1,851,645)
(2,186,649)
161,972,380
179,032,400
159,213,379
176,905,549