CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
FINANCIAL STATEMENTS
for the
YEAR ENDED 31 DECEMBER 2023
CARLISLE
DIOCESE
Company Registration No 39625
Registered Charity No 251977
God
forAII

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
DIRECTORS, & TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31st DECEM8ER 2023
God
forAII
The Directors, who are also Trustees for the purposes of charity law. present their combined Directors,
report, Trustees, report and Strategic report, together with the audited financial statements, for the
year ended 31st December 2023. The report is separated into the following sections:
Legal objects
Strategic aims
Activities
Objectives set for the year
Strategic report containing-
5.1. Activities in the year
5.2. Achlevements and performance
Financial review
Plans for future periods
5.5. Principal risks and uncertainties
Structure, governance and management
Funds held as Custodian trustee for others
Reference and administrative details of the Carli51e Diocesan Board of Finance (Carlisle
DBFI
Auditors
LEGALOBJECtS
Objectlve
The principal objective of the Carlisle Diocesan Board of Finance ICarli51e DBFI is to promote and assist
the work, objectives and purposes of the Church of England for the advancement of the Christian
religion in the Diocese of Carlisle and elsewhere by arting as the financial executive of the Diocese.
Carlisle DBF acts in conjunction with the Church Commissioners. Archbishops, Council, Bishop's
Council. Diocesan and Deanery Synods and Parochial Church Councils to support the work of the
Church of England, particularly In the Diocese of Carlisle. The major part of Carlisle DBF'S activity is to
organi5e and provide funds for the trainingi housing and stipends of clergy and other ministers Wlthin
the Diocese of Carlisle and to support the activities of the other Boards, Councils and Committees of
the Diocesan Synod.
statutory Functions
Carlisle DBF ha5 responsibility for the management o* glebe property and investments to
generate income to SUPPOrt the cost of stipends.
It is the Diocesan Authority for parochial and other trusts and incorporates the functions and
responsibilities of the Diocesan Parsonages Board.
Carlisle DBF 15 Custodian trustee in relation to PCC property15ee section 71.

CARLISLE DIOCESAN BOARD OF FINANCE LINIITED
DIRECTORS, & TRUSTEES, ANNUAL REPORT
2023
continued
The Trustees are aware of the charity Commission's guidance on public benefit in 'The
Advancement of Religion for the Public Benefit" and have had regard to it in their
administration of Carlisle DBF. The Trustees believe that, by promoting the work of the Church
of England in the Di0￿Se of Carlisle, It helps to promote the whole mission of the church
(pastoral, evangelistic, social and ecumenicall more effectively, both in the Diocese a5 a whole
and in its indwidual parishes, and that in doing so it provide5 a benefit to the public by.
providing facilities for public worship* pastoral care and spiritual, moral and intellectual
development. both for it5 members and for anyone who wishes to benefit from what the
Church offers,. and
promoting Christian values, and services by members of the Church in and to their
communities, to the benefit of individuals and Society as a whole.
STRATEGIC AIMS
Carlisle D8F's strategy for achieving its objectives is to maintain the sound financial structure needed
to enable it to continue supporting the clergy through the payment of stipends, managing parsonaBes
and other ministerial housing and also by providing other facilities and resources in support of the
ministry of both clergy and lay people in parishes acros5 the Diocese. Since 2015 Carlisle DBF has
sought to allocate its resource5 in the most effective way to support the strategy "God for All. which
is shared by Carlisle Diocese and the Cumbrian Methodlst, United Reformed and Salvation Army
churches. In 2019 the strategy was 'refreshed' for the years ahead through a process of listening and
consulting. providing new strategic focus." The refreshed strategy retains the 'God for All" heading
which is an umbrella term that encapsulates the Church's offer to everyone in Cumbria of loving
service and an opportunity to explore, join and grow in the Christian faith.
In terms of resourcing, the strategy require5 the DBF to invest in lay and ordained ministry
development. including pioneer ministers,. 5UPPOrt the mis5ior) and organisational structure of some
35 Mission Communities across the Diocese,. enable the creation of "Fresh Expressions of Church"
such a5 Network Youth Churches,. support Church Schools to be effective and distinctively Christian,
and oversee subsidiaries in sUPPOrt of the Mission of the Church, including a Retreat House and
Conference Centre at Rydal Hall and local community Re50Jrce and Recycling retail centres through
"Restore Icumbrial"
as far a5 may be financially viable.
The Trustees have referred to the guidance contained in the Charity Commission's general guidance
on public benefit in reviewing the charitable company's aims and objettives and in planning future
activities. In particular, the Trustees consider the planned actwities will contribute to the aims and
objective5 they have set. The Trustees confirm that publlc benefit has been provided by the
advancement of its objective5
AcnviTIES
The key activities may be summarised as:
Mission and ministry in the local church lincludes all clergy and lay training, housing, stipends
and pension costs and support for locally-based ministry);
Education funding (includes support services and capital expenditure support for Church of
England schoo151; and
Provision of a Diocesan Retreat House and Conference Centre-
Contributions to the Archbishops, Council Imalnly by grant) to support the National Church.

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
DIRECTORS, & TRUSTEES. ANNUAL REPORT
2023
contSnued
OBJEcnvES FOR THE YEAR
As part of Carlisle DBF'S overall strategy, and subject to Annual Review, the Trustees have set the
following specific objectives for the current and follgwing years-
To maximise the return from Diocesan asset holdings to support the costs of Diocesan Mission
and Ministry* particularly in those areas that cannot fund it themselves, while retaining the
overall policy of a balanced budget across the period from 2017 to 2027 inclusive.
To constrain increases in income needed from pa rishes in order to allow funds to be spent on
mission activity locally.
To resource Diocesan needs, as determined by Oioce5an Synod and inlormed by local and
National Church institutions.
To invest in local ministry including greater emphasis on learning and development for lay
ministry. everyday-faith, self-supporting ordained ministers in addition to the stipendiary
clergy.
STRATEGIC REPORT
5.1. Activities in the year
5.1.l.Specffic Activities
Specific activities during 2023 in support of this strategy included..
Full reimbursement to the Church Commissioners for the direct payroll costs of stipendiary
clergy* together with the DBF'5 share of the training costs for Ordinands and curate5. The DBF
also funded the provision of housing for all stipendiary and house for duty clergy:
Funding the continued growth in outreach and evangelism throughout the Diocese as a key
element of God for All (see above), including further support for the creation and Browth of
Fresh Expressions of Church, innovative digital outreach and other initiatives.
Learning and ministry development work to support clergy and laity, by a combination of
Diocesan staff, our own Northern Mission Centre, and by the"Emmanuel Theological College.
for ordination arbd reader training, seNing Dioceses in North West England.
A focus upon embedding Stewardship principles to increase awarene5S Within our Ecumenical
Mlsslon Communities of the mutual inter-dependence of them and their individual Parishes
with the Diocese's ability to provide necessary and appropriate Anglican Ministerial Resource
and Support Services, the lar8er part of which continued to be funded through an efficiently
structured system of "Ministry Offer". This resulted in the biggest overall increase in Offers
since the Scheme'5 inception. which it is to be hoped wi51 continue in coming years.
Continued monitoring by the Investment Sub-committee. reportlng to the Finance
Committee, of the mix and performance of the Diocese's investment portfolio and its
professional advisors, to ensure an appropriately prudent balance of risk and reward
generation associated with each class of asset.
5.1.2. Grant-making {Beneficiary-selectlon} Policy
Most of the financial support from the D8F goes to fund the costs of clerical ministry in local churches.
along with support services to those churches. The level of support reflects the Diotesan
responsibility. as the institutional church in Cumbria, to provide for the 'cure of souls, right across the
Diocese.

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
DIRECTORS. & TRUSTEES, ANNUAL REPORT
2023
continu9d
Specific grants are made to the National Church to cover a proportion of its central cost515ee Note 11
to the financial statements). Grants are paid to parishes and to retired clergy and to other charitable
projects which appear to the Tru5tee5 to support the furtherance of Carlisle DBF'S objects (see Note
14 to the financial statementsl.
Parishes within the Diocese 3re also able to apply to the DBF for grants towards the costs of mission
activities and for improvements to Church buildings.
5.1.3. Programme Related Investments
Loans are made to parishes in the Diocese at a preferential rate of interest, to enable them to
undertake projects which further the objects of Carlisle DBF Including Improving and maintaining their
building5 (see note 24 to the financial statementsl.
5.1.4. Volunteers
The Trustees recognise and are grateful for the enormous contribution that volunteer5 throughout
the Diocese give of their time for the work of the Diocese In many different ways. Retired clergy also
give freely of their time. Churchwardens, Parochial Church Council Treasurers, Secretaries and
Safeguarding Officers continue to enable the local church to provide mi55ior) and ministry to local
communities across Cumbria. The success of the ongoing God for All project continues to be
conditional upon a substantial growth in self-supporting Ivolunteerl lay and ordained ministry in the
future, with stipendiary clergy roles being increasingly to discern, equip and support those ministers.
5.2. Achlevements against objectivities
5.2.1. Achievements in 2023
The budget for 2023, approved by Diocesan Synod in October 2022, assumed that income from parish
offers would continue to decrease in real terms from 2022 re￿iPtS. but that after planned cost
adjustments and increases in income from investments and grants, a break-even outturn could be
expected before th'e proposed designation of £250,000 towards future 'net zero, related housing
Costs.
In the event, the increase in Parish Offer lin cash termslof some 1.4% compared to 2022 and shortfa115
in some aspects of budgeted investment income - a result of delayed land & property sales was
largely offset by..
Delays in being able to appoint clergy
The deferment of some training and project activities
Reduced net administrative costs due to continuing home working and use of video-
conferencing
Higher than budgeted income from parochial fees and investments in the Rydal and
Scandale hydro-electric schemes
This resulted in a small surplus of income over expenditure in the charity general fund of some
£106,000, before adjusting for unrealised gains in the value of quoted Investments and transfers to
other funds. The Board of Finance designated £320,000 into the Sustainability Fund to help finance
future mission and ministry. as well as the £250,000 for 'net zero, housing costs.

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
DIRECTORS, & TRUSTÈES. ANNUAL REPORT
2023
continued
This is considered to be a very satisfactory financial achievement, and the hard work, patience.
generosity, imagination and commitment of so many people. particularly in our local churche5, 15
g￿atIV appreciated by the Trustees.
Rydal Hall achieved an improved outcome, albeit a reduced deficit of £65,000, due in large part to
rlgorous management of cost5 and improved marketing. Forward forecasts indicate a continuing
reduction in operating deficits, despite the challenges facin8 the Hospitality and Tourism industry
generally.
The Trustees continue to rigorously pursue a programme of rationalisation of its property portfolio,
selling surplus parsonages and other under-yielding a55ets, to maximise returns from re-invested
capital in support of the costs of the Diocese's Mission and Ministry.
The Trustees fully recognise the challenges faced by parishes to maintain their Ministry Offer, and are
very aware of, and thankful for, the sacrificial giving throughout the Diocese that make5 that Possible.
5.2.2. Operatlonal Performance
The operational performance of Carlisle DBF in 2023 helped to achieve most of the strategic aims Set
out above. Total expenditure on resourcing ministry and mission amounted to £7,991,000, up from
£7,613,000 in 2022. Together with expenditure on education and the Diocesan retreat house at Rydal,
the expenditure on charitable activities accounted for 95% of total expenditure.
Expenditure on local clergy Iprimarily stipends, pension and housing), chaplains and Network Youth
Church leaders accounted for 72% of the total group expenditure from general funds. Stipendiary
clergy remain the bedrock of local churches, mission and ministry, supporting congregations in over
300 churches and 250 parishes. Their role extends beyond leading worship to enablin& encouraging
and overseeing church members to Soln In the wider mission & ministry of the church a5 It serves
communities right across Cumbria.
Work continued in 2023 to establish new patterns of ministry in Ecumenical Mission Communitie5.
Across the budget period 2023 to 2027, better alignment of clergy numbers and costs with the
contributions from local churches toward5 those costs will help to ensure a balanced budget. Progress
was however slower than planned, and with the 2023 end year position remaining close to planned
long term clergy numbers, there would appear to be limited scope for further internal cost saving to
offset any further falls in income.
'The backlog of maintenance and improvement of clergy property following Covid has been
substantially cleared during the year, and adaptatlons to, or replacement of existing, pèrsonages to
improve energy and environmental efficiency is being actively pursued. In 2023 a replacement
property was purchased and adapted to become the first 'carbon neutral, vicarage in the Diocese.
Total energy costs for the property are expected to be below £1,000 for a full year, benefitting the
clergy occupier in addition to the environmental gains. Work began on a second property and designs
were completed for a new build replacement for the vicarage in Netherton which wa5 destroyed in an
arson attack.
2023 saw the continued implementation of the five year 'Reaching Deeperf project drawing down
Strategic Development Funding from the Church Commissioners for investment in new pioneering
mission work. The project made further progress during the year, especially through the Bro￿h of
new congregation attached to the Restore shop in Penrith, the 'Men in Sheds, project in Carlisle and
pastoral sUPPOrt for individuals in Barrow.

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
DIRECTORS, & TRUSTEES, ANNUAL REPORT
2023
continued
Other specific areas of work that have been funded or otherwise supported by the Diocesan Board of
Finance in 2023 include:
Chaplaincies, includingthose in schoo15, hospitals, hospices, workplaces, Restore shop5, 5POrts
clubs. old people's homes, uniformed organisations, emergency services and the Anna
Chaplaincy for older people
the Northern Mission Centre, providing trainlng, SLtpport and inspiration to pioneer ministers
across the North of EnElan(I
Restore Wellbeing cafes provided by local churches which open spaces of welcome and
inclusion in partnership with mental health teams to improve mental and emotional wellbeirbg
Healthy Healing Hubs through which churches becoTne places of healing for their whole
community
A Christmas media campaign on radio and social media
Network Youth Churches for well over a thousand teenagers across Cumbria
Ecochurch awards for the Diocesan Office and churches which commit to actions to safeguard
the environment anoj tackle the climate crisis
The distribution of £229,000 to churches and clergy in support of funding high energy bills
experienced through the 2022123 winter- this funding being made available through a grant
from the Archbishops, Council.
Spending on Trainlng & Mlnlstry Development activities was £566,000. This included providing
fundinE for Emmanuel Training College in support of ordination and reader training, contributing
£276,Cx)O towards the national costs of ordination training. implementing the Diocesan Vocatlons
Strategy, trainlng stipendiary and non-stipendiary curates, lay ministry development
especiallv
through the second year of the 'Di5ciple5hip Projecv
and leadership development in Mission
Communities. In 2023 further work was undertaken in partnership with the Church Mission Society
to grow the Northern Mission Centre, delivering the 'Pioneering Parlshes, Initiative, providing advice
and mentoring 5UPPOrt for church members starting up new outreach and social action initiatives and
continuing to deliver formal training in the Pioneer Mission Certificate.
£5,000 in donations and collettions from parishes and £59,000 investment income were added to the
Diocesan Growth Fund. Out of this, the highest ever value of grant5 were paid to parishes and
deaneries totalling £51,000 for a range of project5 including youth and children's work, outreach
through art and culture and local wellbeing. The balance on the Growth Fund, which is available to
support the establishment of network youth church congregations and help parishes and deaneries
initiate new work designed to achieve church growth, stood at £2,161,000 at 31 December 2023. In
addition to these grants, a further 13 micro grants, each of £250 were paid to parishes wanting to
experiment with new approaches to mission and outreach. These projects ranged from creating
community garden to running dementia tea services, establishing a community choir and providin8 a
welcoming space for chlldren and young families.
In 2023 the Diocese promoted its "LED Challenge"
encouraging parishes, clergy, schools and
employees to switch to LED lighting. A total of over E48,000 of support was provided by the DBF
across this scheme and a wider carbon net zero grants scheme, replacing over 3,000 bulbs and
resulting in annual savings of over 16 tonnes of Carbon Dioxide. The Diocese partnered wlth the
Dioceses of Blackburn and Manchester to secure over half a million pounds worth of funding from the
Archbishop'5 Council toward5 the costs of producing decarbonisation plans for Church Schools and
the 20% highest emitting churches.
Thraughout the year the DBF funded the Diocesan Safeguarding team's work to develop and promote
good practice in respect of the safeBuarding of children and vulnerable adults involved in local
churches and church-sponsored activities. This Included participating in a pathfinder project initiated

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
DIRECTORS, & TRUSTEES. ANNUAL REPORT
2023
continued
in response to the findings of the national Indepenclent Inquiry into Child Sexual Abuse, the
development and ongoing delivery of a safeguarding learning and development strategy, the adoption
of Parish Safeguarding Dashboards and undertaking case work and safeguarding risk as5e5srDents.
The Board for Education spent £325,000 to support education in Cumbria with its support for Church
schools. The Good Shepherd Multl Academy Trust, which aims to support the provisSon of excellent
education wlthln a caring and Christian ethos in academie5 in Cumbria remains of strategic importance
as the debate overthe academisation of schools continues. It currently includes 12 schools. Feasibility
work in respect of establishing a second Multi Academy Trust was undertaken with encouragement
from the Department for Education.
'Restore (Cumbrial" our wholly owned but independently governed Subsidiary companyi continued
to implement its business plan, designed to achieve a more secure and sustainable long-term fltture.
by providing community support. recycling and re-use seTvices, and Christian ministry in partnership
with local churches in Carlisle and Penrith. The company reported a surplus of £11,000 for the year
including grant income, and this major Outreach initiative continues to benefit from the hard work of
many volunteers.
2023 Saw an increase of £28,000 to £592,333 in income from the Archbishops, Couftcil's Lowest
Income Communities Funding which is used to provide ministry in places that could not otherwise
afford to fund it. An additional £353,000 was received in 2023 from the Archbishops, Council. being
claims for fourth year of 'Strategic Development Fund, grants in relation to the 'Reaching Deeperf
project, and a further £290,000 of funding, to cover ordination training, additional curate and clergv
support, net-zero work and funding for our Stewardship work.
The statutory fees for occasional offices conducted by the Church, which face a gradual reduction over
time, amounted to £354,000. Rents received from letting parsonages during vacancies increased to
£395,000 as a result of the Diocese's active approach to renting out properties wherever possible.
whilst also pursuing a policy of disposal where future need to retain them is not justified and re-
investment returns are potentially better. Overall total charty income Inereased by 1.8¥0.
Rydal Hall Ltd is the wholly-owned subsidiary company of Carlisle DBF operating the Diocesan
Conference Centre and Retreat House in South Lakeland. It experienced an improved year, incurring
reduced deficit of £65,(K)O. There are elements of encouragement with growing income in most
area5, and many opportunities going forward, both in terms of mission and ministry, and to improve
financial stability golng forward. The Board are currently implementing an updated five-year plan
covering both the commercial and mission aspects of the Hall's work.
The DBF again supported the Churches Trust for Cumbria through a grant of £24,000, to enable their
work to provide external support for the care. conservation and development of church buildings
across Cumbria.
5.2.3. Investment Performance
Investment5 are held in both restricted and unrestricted funds, managed by CCLA. Performance in
2023 improved, in line with general market recovery conditior15, Wlth the price of the CBF Investment
Fund shares increasing by 9.4%,12022 decrease 11.8%), while the CBF Property Fund shares decreased
by 6.IYo12022 decrease of 11.7Yol. Total unrealised gain5 on investments for the year were £1,560,000,
12022 losses £3,505,000}. These gains and105ses are notional- they do not alter the number of shares
held, hence the future income streams for which these shares are held are unaffected directly by both
increases and falls. The two hydro-electric plants within Cumbria in which the DBF has invested
continued to perform well in 2023, generating returns of £60,000 above budget, despite significant

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
DIRECTORS. & TRUSTEES, ANNUAL REPORT
2023
contlnued
seasonal variations, and they should both provide a stron& long-term income stream for many years
to come.
The Bank of England's Base Rate rose to'5.25% during 2023, with the increasing CBF Dep.osit Fund rate
resulting in £49,000 interest income during the year.
Dividend5 received from the CBF Property Fund and Investment Fund were 6.51p and 61.79p per share
respectively in the year. and the declared yields were 5.22% and 2.73% based on the year-end
valuations. The total income from CBF Fund dividends for thè year rose to £934,00012022 £885,000).
and investment of receipts from property sale prO￿ed5 was prudently contlnued.
Efforts continued to obtain plannirbg consent for residential development on low yielding agricultural
land holdings on the edge of settlements. A number of such developments have come to market in
the year. All sale proceeds from these during 2023 have been invested to generate a sustainable long-
term revenue stream to fund the work of the Diocese in the future.
The total return on investment- net receipts and valuation gain5 on investments as a percentage of
the investment valuations at year-end, was 7.0%12022 4.9Yol following a general rise in mBrket values
in the year. Average yield Inet receipts as a percentage of the investment valuations at year-endl was
3.6%12022 3.1%1.
5.2.4. External Factor5 Affecting Performance
There are a number of external factors contiF)uing to affect the performance of Carlisle DBF. The fall
over time in real terms in the pre-covid level of Ministry Offers made to Carlisle DBF from parishes is
evidence of lower incomes in the parishes, reflecting a decline in church membership and the burden
of local costs such as church repairs and energy bills. There 15 no sign that Ministry Offers will recover
to pre-pandemic levels despite the resumption of normal patterns of traditional worship in local
churches. This emphasises the continuing downwards trend away from time-honoured Church, albeit
replaced to some extent by new forms of pioneering (but less cash-8enerativel outreach and ministry.
The difficulty in filling vacancies in clergy posts has continued during the year and the Northern
Province of the Church of England 15 reportedly not seen to be attractive to potential applicant5.
Although this reduces financial pressure in the short term, it represents an operational concern as the
leadership and pastoral work of clergy is key in recruiting and developing self-supporting lay and
ordained ministry and helping the local church to continue to evolve.
Financial Review
5.3.1. Review of the Financial Position
The Consolidated Statement of Financial Activities1SOFAI for the year 5how5 net incoming resources
of £314,00012022 £753.otKJI beftjre net gains on investment5 and other recognised Eains and losses.
After revaluation adjustments, the net increase in funds amounted to £1,874,00012022: decrease
E2.649,0001. Total fund balances are now £85,330,000, of which £80.256,000194.1%1 is restricted,
mainly by ecclesiastical measures. and a further £2,979,0(K) has been designated for specific use by
the Trustees.
Overall there was a net cash inflow for the year of £1.190,00012022: outflow £648.0001. Total net
current assets increased by £1,849,000 to £2,294,000, with those relating to general funds decreasing
by £167,000.

CARLISLE DIOCESAN BOARD OF FINANCE LIMrrED
DIRECTORS, & TRUSTEES, ANNUAL REPORT
2023
continued
Going Concern
The Trustees are satisfied that Carlisle DBF has adequate resoLsrces to continue to operate as a going
concern for the foreseeable future and have prepared the financial statements on that basis.
5.3.2. Reserves Poli
Due to the anticipated regularlty and predictability of its Income and Costs, the Diocese policy has
been to hold a level of free resenies equivalent to at least two months expenditure. The Trustees keep
the PDSltion under review at their bi-monthly meetings and are currently confident that cash flows
an be managed to ensure that suffficient free reserves are held to enab'le Carli51e DBF'S normal
commitments to be met.
5.3.3. Investment Policles
Carlisle DBF'S power to invest its funds is governed by the Memorandum and Articles of As50Clation.
It exercise5 these powers having due regard to the provisions of the Trustee Act 2000 in so far as it
applies to Carlisle DBF as a company.
Carlisle DBF'S investment policies, which are reviewed annually* are based on two key principles:
Ethical investment Carli51e DBF seeks to pursue an investment policy consistent with the values of
the Christian religion. Thus, it adheres to the policy as developed by the Church Commissioners and
CCLA Investment Management Ltd for their Central Board of Finance Church of Erbgland Funds.
Long-tem responsibilities - Investment policy for long-term funds seeks to strike the right balance
between providing an income to help the Diocese to carry out its purposes effectively in the short
term and maintain and enhance the value of the invested funds so as to enable the Diocese effectively
to continue to carry out its purposes in the long term. The glebe investments are held for the purpose
of raising income to achieve the maximum contribution possible to clergy stipend5 on an ongoing
basis. Unrestricted and restricted fund investments are invested to balance income, liquidity and the
maintenance of capital.
Investments
Glebe property investments are held by Carlisle DBF in agricultural land, commercial and residential
land and buildings. They are managed by the DBF'S agents, Penrith Farmers, & Kidd's. Walton
Goodland Ltd and Savills and account for 34% of the total glebe investments.
A further 63Yo of the glebe assets are invested through CCLA Investment Management Ltd in the CBF
Church of England Funds or held on deposit. They ale split between holdings in equities and property
via common investment funds to spread risk, and deposits. The remaininE 3% consists of shares in a
hydroelettric scheme in South Cumbria.
The other DBF funds are also mainly invested in CBF Church of England deposit accounts, investment
and property funds, With shares also being held in a second hydro-electric scheme wlthln the grounds
of the Diocesan Residential Conference Centre and Retreat at Rydal Hall, South Lakes.

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
DIRECTORS. & TRUSTEES, ANNUAL REPORT
2023
continued
Other Funds
Funds which may be needed for working capital in the short term are held a5 deposits with the Central
Board of Finance. The performance of all the DBF'S investments is monitored regularly by the Trustees
at their bi-monthly board meeting5, and by the Investment Sub-committee.
5.3.4. Remuneration Policv
The Board operates a set salary scale and employees are placed on this with regard to benchmarking
against comparable roles in this and other dioceses and the extemal employment market. Cost of
living increases are determined as part of the process of setting the budget which 15 approved by the
Finance Committee and the Members. Remuneration of higher-paid employees is determlned In
consultation between the Chair of the Finance Committee, the Dlocesan Secretary and the Head of
HR & Goverr)ance.
5.4 Plans for Future Period5
The DBF'5 Qngoing objective is to resource Diocesan needs, as determined by Synod and informed by
local and national Church institutions and in particular to invest to meet the objectives set out in the
Diocese's updated "God for All" Strategy.
A new Diocesan Development Plan forthe period beyond 2023, is integrated into resource and budget
planning for the period 2023-2027, which wa5 approved by Diocesan Synod in October 2022 and which
15 reviewed annually at Diocesan Synod.
Principal Ri5k5 and Uncertaintles
The Trustees confirm that the major risks, to which Carlisle DBF and its subsidiary companie5 are
exposed are continually reviewed and that systems and procedures have been established to manage
those risks. The principal risks and uncertainties which face Carlisle DBF relate to..
the reliability and timing of the income it receives from local churches which is voluntary in
nature, Ministry Offer accounting for 57% of total charity general fund income,.
investment performance. particularly in respert of commercial property,.
clergy numbers may vary above or below assumptions with consequential impact on ministry
and costs,. and
the longer term financial effects of inflation and deJnography upon core income streams and
operating costs.
The principal risks are reviewed regularly by the Trustees and, where necessary, further information
and data are gathered to enable a more detailed examination of the risks to be made and decisions
taken on the basis of the probability and likely impact of the risks occurring.
We encourage good stewardship in the local church and the work of the Stewardship Team is seen as
key way in which the Diocese can support parishes and mission communities in raising income locally
which, in turn, will empowerthem to identify the optimum affordable deployment of available trained
ministry resource both lay and ordained.
Carlisle DBF provides its Trustees, officers and employees with Indemnity Insurance against any
liabilities that might arise during the provision of services operated under the authority of the
Diocesan Bishop and Synod.
io

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
DIRECTORS, & TRUSTEES. ANNUAL REPORT
2023
continued
Structure, Governance and Management
Organlsational Structure
The Diocese of Carlisle was founded in 1133. It covers an area of 2,480 square miles and includes all
of Cumbria, except for small areas in the east of the county which are included in the neighbouring
Diocese of Newcastle. The overall population of the Diocese is around 500.000.
The Diocese is one of the 42 English dioceses of the Church of England which is organised as two
provinces. The Diocese of Carlisle is part of the Northern Province led by the Archbishop of York. The
Southern Province is led by the Archbishop of Canterbury.
The Diocese of Carlisle was led (until retirement in August 20231 by the Diocesan Bishop. the Rt Revd
Jame5 Newcome. Since that date, leadershlp has been undertaken, la5 Acting Diocesan Bishop), bv
the suffragan Bishop of Penrith, the Rt Revd Rob Saner-Haigh. The Diocese is arranged into three
Archdeaconries= Carllsle covering the northern and eastern part with 4 deaneries, West Cumberland
in the western part with 3 deaneries and We5tmorland and Furness in the southern part with 4
deaneries. In total there are 228 parishes198 beneficesl with 76 full-time equivalent stipendiary
parochial clergy and 8 serving in house for duties POSt5. Together with 38 non-stipendiary ministers,
89 readers. 67 local lay ministers and many other retired clergy and lay members they provide ministry
in 325 churches in the Diocese.
The Diocese is in Covenanted Partnership with three other denominations
Methodist. United
Reformed Church and Salvation Army. With those denominations the Diocese 15 establishing
ecumenical Mission Communities, groups of churches that collaborate over mission and share
resources, increasingly including ministry and buildings. In the course of 2023, a number of church
buildings were put forward for closure at the request of their local Parochial Church Councils.
Diocesan Governance
Diocesan Synod
The Diocese is governed by Standing Orders approved in 1969 and as subsequently amended. Its
statutory governing body is the Diocesan Synod, which is an elected body with representation from
all parts of the Diocese. Membership consists of Bishops and Archdeacons lex officio members), clergy
members elerted by the Houses of Clergy in Deanery Synods, lay persons elerted by the House5 of
Laity in Deanery Synods, up to five person5 who may be co-opted by each of the Houses of Cle￿Y or
Laity and a maximum of ten members nomini7ted by the Diocesan Bishop. The Diocesan Synod
normally meets three times a year. Its role is to:
onsider, and make decisions on, matters affectinE the Church of England in the Diocese;
act as a forum for debate of Christian opinion on matters of religious or public interest;
advise the Bishop where requested;
deal with matters ￿ferred by General Synod:
provide for the financing of the Diocese by approving the Diocesan Budget.
Deanery Synods
Each deanery in the Diocese has its own Deanery Synod which has two houses. laity and clergy. Its
role is to..
respond to requests from General Synod;
give effect to the decisions made by the Diocesan Synod,.

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
DIRECTORS, & TRUSTEES. ANNUAL REPORT
2023
ontinued
consider matters affecting the Church of England by drawing together the views of the parishes
within the deanery:
act as a channel of communicatior) to expre55 the views of parishes to Diocesan Synod and thence
to General Synod,.
raise with Diocesan Synod such matters as it considers appropriate; and
elect members of the deanery to the Diocesan Synod and of the Diocese to General Synod.
Bishop'5 Council and Standing Committee
Bishop's Council consists of 9 ex officio members, including the Diocesan and Suffragan Bishop and
the three Archdeacons, three clergy elected by the House of Clergy from among their number and slx
lay persons elected by the members of the House of Laity. A maximum of three members may also
be nominated by the Diocesan Bishop.
Under the constitution of the Diocesan Synod, Bishop's Council has the following functions..
To plan the business of the Synod, to prepare the agenda for its se55ions and to circulate to
members information about matters for discussion Idelegated to the Steering Committeel;
To initiate proposals for action by the Synod and to advise it on matters of policy,.
To advise the President of Synod on any matter,.
Subject to the directions of the Synod, to transact the business of the Synod when the Synod is
not in session-
Subject to the directions of the Synod. to appoint members of committees or nominate individuals
for election to committees,. and
To carry out such funrtions as the Synod may delegate to it.
Carlisle Diocesan Board of Finance
The company, C3rli51e Diocesan Board Df Finance Ltd ICarli51e DBFI, was formed to manage the
financial affairs and hold the assets of the Diocese. It was incorporated on 22n¢ September 1893 as a
charitable company limited by membership guarantees INO. 39625} and its governing documents are
the Memorandum and Articles of Association. Carlisle DBF has beerb registered with the Charity
Commission since I. May 1967 (No. 2519771. The Memorandum and Articles of Association have
been altered by Special Resolutions the latest of which were passed on 15 June 2021, 1" May 2018
and 12, July 2006.
From Ilth November 2006 every memberof Diocesan Synod is a memberofcarlisle D8Fforcompany
law purposes, unless they are excluded by reason of being appointed to any salaried office of the
Company or any office of the Company paid by fees. Each member has a person81 liability limited to
£1 under their guarantee as company rnembers in the event of its being wound up.
Trustees
From 1st January 2007 the Bishop of Carlisle and the three Archdeacons have served as ex-offlcio
Directors of the Company. A further five Directors are elerted by the members of Carlisle DBF and the
Directors have power to Co-opt up to another four Directors.
Mr Jim Johnson served as Chair throughout the year, and Mrs Susan Wigley Ito Sept 20231 and Mr
Nigel Robson (from Sept 20231 served as Vice Chair during the year.
All the Directors are also the Trustees and, when newly appointed, are given induction training. All
Trustees are offered ongoing trainin& a5 appropriate.
12

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
DIRECTORS, & TRUSTEES. ANNUAL REPORT
2023
continued
Trustees, Responsibilities
The Trustees (who are also the Directors of Carlisle Diocesan Board of Finance Limited forthe purposes
of company lawl are responsible for preparing the Trustees, Report and the financial statements in
accordance wlth applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally
Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statement5 for each financial year which sive
a true and fairview of the state of affalrs of the charitable company and the group and of the incoming
resources and application of resources, includin8 the income and expenditure of the charitable group.
for that year. In preparing these financial statements the Trustees are required to..
Select suitable accounting policies and apply them consistently:
ObseNe the methods and principles in the Charities SORP,.
Make judgements ènd estimates that are reasonable and prudent,.
State whether applicable UK actountin8 Standards have been followed, subject to any material
departures disclosed and explained in the financial statements,. and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the charitable company will continue in business.
T.he Trustees are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the charitable company and enable them to ensure that
the financial statements comply with the Companies Act 2006. They are also responsible for
safeguardlng the corporate and trust assets of the charitable company and group enSLJring their
proper application under charity law and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularwties.
The Trustees are also responsible for the maintenance and integrwty of the corporate and financial
information included on the charitable Company's website. Legislation in the United Kingdom
governing the preparation and dissemination of financial statements may differ from legislation in
other jurisdictions.
6A
Decision-making Structure
Diocesan Synod has delegated the following functions to Carlisle DBF=
Management of the funds and property of the Dlocese-
Preparation of annual estimates of expenditure:
Advising on action needed to raise the income necessary to finance expenditure;
Oversight of expenditure by bodies in receipt of Diocesan Synod's funds against estlmates of
expenditure approved by Diocesan Synod,.
Advising Diocesan Synod of the financial aspects of its policy and on any other matters referred or
delegated to it by Diocesan Synod.
Flnance Committee
The Trustees met as the Finance Committee of Carlisle DBF 6 times during the year. At these meetlngs
they received regular reports from the officers of the DBF and considered any matters for which they
are responsible.
13

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
DIRECTORS, & TRUSTEES, ANNUAL REPORT 2023
continued
The number of meetings land proportion of those eligible for attendance) that each Trustee attended
in 2023 was..
The Rt Revd James Newcome lex officiol
The Ven Richard Pratt
lex officiol
2150%) (Retired 31 August 20231
I IIOO%I IAppointed 22 November 2023,
Retired 31 March 20241
The Ven Verr)on Ross
The Ven Stewart Fyfè
Mr Derek Bradley
Miss Janet Busk
Mr Rob Cook
Mr David Dalgoutte
Mrjohn Edwards
Mr Jim Johnson
Mr Nigel Robson
Mrs Susan Wigley
lex officio}
lex officiol
lelectedl
lelectedl
lelectedl
Ico-optedl
Ico-optedl
lelectedl
Ico-optedl
lelectedl
5183%)
3160%) IAppointed l January 20231
61100%)
61100%)
61100%)
5183%)
5183%)
61100%1
5183%)
3175%) IRetired 15 September 20231
Since the retirement of The Rt Revd James Newcome as Bishop of Carlisle, The Rt Revd Rob Saner-
Haigh (Suffragan Bishop of Penrithl has been in attendance at Board meetings- however he is not a
member of the Trustee Board.
The Trustees have delegated responsibility for the day-to-day management of the company to the
Diocesan Secretary who is supported by a small team of staff.
Committee Structure
There are a number of statutory Diocesan Synod committees that, although not Sub-committees of
Carlisle DBF, can influence its operations-.
Carlisle Diocesan Board of Education has responsibility for 104 Church Schools across the Diocese,
provides pastoral and professional support to all its schools and has a particular commltment to
enhancing the quality of provision for religious education. collective worship and the spiritual. moral,
social, and cultural development of all pupils.
The Parsonages Board is responsible for determining policy concerning the management of p3r50nage
houses in each benefice, including setting the policy for buying, repairingtr maintaining and disposing
of all parsonage houses, team vic3rage5 and houses owned by Carlisle DBF. In the Di0￿Se the Carlisle
DBF is designated as the Diocesan Parsonages Board. A number of Its funttions a￿ delegated to
Archdeaconry 5ub-Committees under the temis of a scheme passed by Diocesan Synod on 12
October 2013.
The Diocesan Pastoral Committee is responsible for the task of approving pastoral reorgani5ation,
taking account of available clergy numbers and making use of new patterns of ministry. It also has
responsibility for finding appropriate alternative uses for churches which have closed. Most of its
functions are delegated to Archdeaconry sub COTnmittees.
The Diocesan Advisory Committee advises on matter5 affecting churches and places of worshlp such
as the granting of faculties, architecture, archaeology, art and the history of places of worship, the use
nd care of places of worship and their contents and the care of churchyard5. In 2023 the DAC dealt
with 39 of faculty applications from local churches.
14

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
DIRECTORS, & TRUSTEES. ANNUAL REPORT
2023
continuBd
Carli51e Diocesan Board of Patronage is constituted under the provisions of the Patronage IBenefice51
Measure 1986 and is sole patron or joint patron of a number of benefices.
Related Parties
General Synod
Carlisle DBF has to comply with Measures passed by the General Synod of the Church of England.
General Synod is the le8islative and deliberative body at national level. making decisions on matters
of doctrine, the holding of church seNices 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 House5 of Bishops, of Clergy and of Laityi and meets in London
or York at least twice annually to consider legislation for the broader good of the Church.
Archbishops, Councll
The Archbishops, Council was established in 1999 to co-ordinate, promote, aid and further the mi55i0n
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.
Carlisle DBF is required to make certain annual payments to the Archbishops, Council towards the
running Costs of the National Church according to a formula agreed by General Synod.
Church Commi55ioner5
The Church Commissioners manage the historic a55et5 of the Church of England, fundlng clergy
pensions for service priorto 1998. The payroll costs of episcopal leadership through the Diocesan and
Suffragan Bishops are met by the Church Commissioners, along with the housing costs of the Diocesan
Bishop. Further grants are also paid towards the staffing costs of cathedra15. The Church
Commissioners a150 make a number of grant5 to the Archbishops, Council including LDW Income
Communities funding for ministry in poorer dioceses and parishes and Strategic Development Fund
and Diocesan Investment Programme grants for new mission initiative5.
Although Carlisle DBF is responsible for the funding of its clergy stipend costs, the national clergy
payroll is administered by the Church Commissioners. Carlisle DBF relrnburses the Church
Commissioners monthly for the costs of stipendiary clergy deployed in the Diocese.
Church of England Pensions Board
The Church of England Pensions Board was established by the Church Assembly in 1926 as the Church
of En8land'5 pensions, authority and to administer the pension scheme for the clergy. Subsequently it
has been given wider powers, in respect of discretionary benefits and accommodation both for those
retired from stipendiary ministry and for widows and widowers of those who have served in that
ministry, and to administer pension schemes for lay employees of Church organisations.
The Pensions 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 Pensions Board its central
responsibilities for retirement welfare, the Pensions Board works in close cooperation both with the
Archbishops, Council and with the Church Commissioners.
15

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
DIRECTORS, & TRUSTEES, ANNUAL REPORT
2023
continued
Carlisle DBF contributes monthly to the Pensions Board for both the clergy and the lay pension
schemes.
The Cathedral
The Cathedral Church of the Holy and Undivided Trinity is the mother church of the Diocese of Carlisle
and legally is constituted as a separate charity currentty exempt from Charity Commission registratlon
and supervision. Copies of its Trustees, report and financial statements may be obtained from the
Cathedral Office, 7 The Abbey, Carlisle, CA3 8TZ.
Parishes and Parochial Church Councils {PCCsl
The PCC is the elected governing body of an individual parish which broadly is the Smallest pastoral
area in the Church of England. Each PCC is an independent charity and m05t are currently exempt
from registration with the Charity Commission. However, under the terms of the Charities Act 2011
those PCCS whose gross income for the year is above £lOO.OtK) are required to register. PCCS are able
to influence the decision-making within Carlisle DBF and at Diocesan Synod level through
representations and input of their Deanery Synods.
The main income of Carlisle DBF is the contribution, by way of the Ministry offer. from the 228
parishes of the Diocese,. which system has been based on voluntary offers made by Mission
Comrllunities and parishes towards the c05t5 of wnini5try incurred throughout the whole of the Diocese
of Carlisle.
Except where Shown, the transactions of PCCS do not form part of these financial statement5.
Financial statements of an individual PCC can be obtained from the relevant pcc treasurer.
Subsidiary Undertakings
Rydal Hall Limited
Carlisle DBF is responsible for the operation of the Diocesan Conference Centre and Retreat House,
Rydal Hall. This is achieved through Rydal Hall Limited. a wholty owned Subsidiary charity of Carlisle
DBF. The activities of the subsidiary are'included in the consolidated financial statements.
Restore (Cumbria)
Restore Icumbrial is a registered charity which operates a charity shop and resource network in North
Cumbria, a5 part of the Diocese's Outreach initiatives. The DBF is the sole member of the charity.
Rydal Hydro Limited
Carlisle DBF owns 50% of the Issued share capital of Rydal Hydro Limited, with Ellergreen Hydro
Limited and Gilkes Hydro Limited the other 50%. The joint venture company has constructed a
hydroelectricity generating plant within the grounds of Rydal Hall Limited providing a renewable
source of electricity for Rydal Hall and the surroundinE area as well as providing a significant return
on the DBF'S investment.
16

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
DIRECTORS, & TRUSTEES, ANNUAL REPORT
2023
contlnued
Other Connected Companies
Cadisle DBF together with four other dioceses from the North West of Englarbd and with York Diocese
have equal shares in DBE Services Limited, a company formed to provide various services to schools.
These include inspertions, teaching and curriculum 5UPPOrt, administrative setvices, buildin&
equlpment and construction support and insurance. DBE Services Limited has several employees with
other staff employed by the participating dioceses who invoice the company for their time. The profits
of DBE Services Limited are distributed to the shareholders by means of gift aid donation5.
The six North West Dioceses are sponsors of Emmanuel College which trains ordinands for mlnistry in
the Church of England across and beyond the region. The Diocesan Board of Finance 15 a Corporate
Member of the College.
Funds Held as Custodian Trustee for Others
Carlisle D8F is required by Measure to be custodian trustee in relation to PCC property. Carlisle DBF
also holds funds on behalf of Church of England schools in the Diocese. All a55ets held as custodian
trustee are kept independently from the Company's own assets and their details are recorded in
separate trust ledger. The assets are mainly invested through CCLA Investment Management Limited
in their range of CBF Church of England Funds or on deposit with major UK clearing banks.
At 31 December 2023 the total value of these funds was £11.150,000.
Reference and Administrative Details of the Carlisle Diocesan Board of Finance
In accordarbce with the Companie5 Act 2006 and the Statement of Recommended Practice: Accounting
and Reporting by Charities issued in 20151SORP 20151, the Directors (for the purposes of company
lawl and the Trustees (for the purposes of tharity lawl during the year and as at the date of signing
follow..
Ex-officio Director5
The Right Reverend James Newcome, Bishop of Carlisle (retired 30 September 20231
The Venerable Dr Richard Pratt, Archdeacon of Carlisle (Appointed 22 November 2023, Retired 31
March 20241
The Venerable Vernon Ross, Archdeacon of Westmorland and Furness
The Venerable Stewart FyFe, Archdeacon of West Cumberland
Elected b the Member5
Derek Bradley
Janet Busk
Robcook
Jim Johnson (Chairl
Susan Wigley (Vice Chair, retired 15 September 20231
Co-o
ed b the Directors
David Dalgoutte
John Edwards
Nigel Rob50n
17

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
DIRECTORS. & TRUSTEES, ANNUAL REPORT
2023
continued
The Right Reverend Rob Saner-Haigh, Suffragan Bishop of Penrith, is not a Trustee Director. but plays
an active role in Board meetings while he covers for the vacant Bishop of Carlisle position.
Secretary
Head of Finance
Director of Educatlon
Mr Derek Hurton
Mr Ric Jaques
Mrs Charlotte Tudway
Registered Office
Diocesan Church House.
19-24 Friargate,
Penrith, CAII 7XR
Telephone
01768 807777
Webslte
e-mail
www.carlislediocese.or .uk
uiries
carlislediocese.or
en
Company registration number
Charity registration nurnber
39625 IEngland & Wales)
251977
Audltors
Dodd & Co Limited,
FIFTEEN Rosehill,
Carlisle, CAI 2RW
Banker5
HSBC plc,
City Office,
29 English Street,
Carlisle, CA3 8JT
Legal Adviser
Ms Laura Pea
Sintons,
The Cube, Barrack Road,
Newcastle Upon Tyne, NE4 6DB
Investment Advisers
CCL4 Investment Management Ltd,
Senator House
85 Queen Victoria Street
London EC4V 4ET
Glebe Property Agents
Penrith Farmers, & Kidd's plc,
Skirsgill.
Penrith. CAII ODN
Savill5,
64 Warwick Road,
Carlisle CAI IDR
Walton Goodland Ltd,
10 Lowther Street,
Carlisle. CA3 8DA
18

CARLISLE DIOCESAN BOARD OF FINANCE LiifffED
The T￿￿teeS as a Board confirm that to the best of their knowled8e there is no information relevant
to the audit of which the auditors are unaware. In addition, the Trustees have taken all reasonable
steps to ensure that they themselves are aware of all. relevant audit infomiation and that thi5
formation has been communicated to the auditors.
A resolution to reappoint Dodd & Co Llmli@d asauditorstothe companyand to authorisetheTrustees
to fix their remuneration will be proposed at the Annual General Meeting.
The Directors. and Tri1Stee￿ annual rewrt, together with the strntegic report which is incorporated
into the Directorg and Trusteeg annual rerAlrt have been approved by the Directorsnrustee5 and
Sig￿ on their behalf bv:
Johnson
Dirertor and Trustee
9" July 2024
19

Independent audltor's report to the members of Carlisle Diocesan Board of
Finance Limitod
Oplnton
We have audited the f￿ancial slalements of Carfisle Diocesan Board of Finan￿ LAmited] Cthe charitsble company)
for the yeaF ended 31 December 2023 which comprise Gonsolidated Stateinenl of Nnahcial Activities, Charity
Stslemenl of Financial Actwiiles, Consolidated Summary Income and Exp2nditure AcGourrt. Gon501id2ted Balance
Sheet, Charsty Balance Sheet, Consoliflaled Cash Flow Statement and notes to the financial slatements.Jnduding
signfficant 8wounling policies. Th8 finandal TepoTlino framework that has baen applied in th￿r prepar8lion is
applicable 18w and Unlled Kingdom Accounting SlaTKlards, including ￿FRs 1 2 The"Finanual R8Wrttng St8ndard
applic8blè in the UK8nd Republlc of A￿land (UnTted Kingdom Generally A￿epted AccDunting Prnclic81.
Sn our opinlon. the finonual statements=
' give a true and tair vletr4 of the state of the group's and parent charfEable companys xff8irs as at 31 .D￿rnbeT
2023 and of its incomir)g resources and appli¢alK)n of rèsource5 forthe yearthen ended:
• have been propety prepared in accord8n￿ wlh Untted lfjngdom Geneth A￿ptsd Ac￿U￿ting Pr8dica" and
. have been prepared In acclJrdanr* with the requirements ofthe Companie8 Act 2006.
Ba515 for opinion
We conduGted OUT audlt In accordance Irrtemalional Standards on Auditing (UK) IISAS IUK)) and applicAble
law. Our respK)nsibililie5 undeF those 5fandards aTe fvTther described in the AuditoPs ￿spOn￿"b￿lI￿ for thg audlt
of the fin8ncft81ststements section of our report. We ate Ir￿ependen1 ofthe Gh8titable company tp 8(xordanr£with
th8 8thi¢xl rèquirernents th* tElevant to our audit of the financial statements in the UK, including the FRC'S
Ethical Stsndard. and the provisions available for small entities, arHI we have fvlfilted Qui DthBr ethi¢￿1
respon8ibilittes in accordance wth Ihese requirements. We believe that Ihe audit evidence we have obtained is
suffirAent and appropriate to provide a bask8 for our opinton.
Conclusions relating to golng concern
In audillng the finandal statements, wo have conduded that the trusle8s' ￿￿e of the going concem.b8sls of
accounting in the ptsparation of the financial statements is ppproprfate.
Based on the work we have perforned. we have nol identified any material unr*rt8lnlies ￿at1Trg to ￿ents or
conditions that, individu81ty.orcollectively. may (*st significantdoubtoTrthecharitable (x)mp8ny's abililyto contirbue
as a yotng concern for a pBtHJd of at least 12 months from when Ihe ￿an(la1 statements arè auth￿iSed for issue.
Our responsi￿lIbe$ and the ￿SpOnsibl11t1es of the tnjstees with ￿sF1￿Cl to going (x)rwm a¥8 descnbed in Ihe
relevanttse¢tions of this report.
other I￿OrniatiOn
The other infotwnation comprises thè infomialion Induded in the annual report, Induding the Irust¢es' repor(. other
th8nthefinaTraalstatemBnts and our auditorfs rnportthereon. Thetrustees are ￿SponSfo1efoTthe othgr infrjmation
contsined ￿thin the anrIU￿ r8porL Our oplftion on the financial statements does not cover the other infom)atton
and. ex¢ept lo the extent Dthen¥lse explicttly ststed In our report, we do rK>t 8xpress any forn of 8ssiirance
trndusion th8reon.
Our responsibility is to read the other Information and, in doing so, consider whether the other infomiation is
rnate>i811y inrJ)nsist8nt with the fin8ncial staleTllgrts or our knts￿edge oblalned in the course of the audit oi
0thgrwi49 appea￿ lo be maier£ally misslatod. If we"identify such mateiial iN￿nSiStenc1es or apparftnt matert81
misstrdt￿nÈnts. we a￿ required to detènmine wheth&r this give5 rtse to a material missts18ment In the financial
3tstements themsefvES. Sf, based on the work we have perfO￿ed, wg condude that there is a mateFial
mis5talement of t￿"S other infoTrn8tion. we arg to rewrt thatfacL
We have nothing to re￿rt ￿ this r8gard.
20

Opinions on other matters pres¢ribed by the Companies Act 2006
In our opinion. based on the work undertaken in the course of thè audit..
. the information gwen in Ihg trustees, report, which indudes the directors, report and the strategic report prepa￿d
forthe purposes of Company law, forthe finanaal year fDr which the finan￿￿1 statements are prepared is consistent
th the ffinancial slalements," and
• the ijirectors. report and the Strateg￿ rewrt included within the trustees, report ha8 been prepa￿d Sn accordance
with applicable legal requirernents.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environnlent obtained in the wurse of the
audit, we have not identified rnaterial misstatements in the directors, report induded wrthin the trustees. report.
Wè have nothing to report in respect of the follwng matters in relation lo which the Companie5 Aci 2006 requires
us to ￿port to you if, in our opinion=
adequate and proper accounting records have not been kept, or returns adequate for our audit have not been
receNed from branches nol vllsited by us. or
. the financial ststernenls a￿ not in agreement with the accounung records and retums.. or
certain disclosures of trustees, Temur*r8tion specifie¢J by law are not m8de,' or
' we have not recefved all the infomalion and explanab.ons we require for our audit
Responsibillties of trustees
As explained more fvlly in the trustees, responsibilities statement, the trustees (who are also the diredors of the
charitable Company foi the purposes of company lawl are responsible forlhe preparation of the financi81 statements
and for being satlsf5ed that they give a true and fair view, and for Such inlemal control as the trustees determine is
ecessary to enable the prepatation of fInanc￿l statements th81 are free Irom material misstslemenl, whether due
to fraud or errol.
In preparing the financial statements, the trustees are responsible for assèssing the company's ability to conb.nue
as a going concem, disdosing, as applicable. mallers related to going concem and using the going concèm ba51S
of accounting unless the Iruslees aÉther intend to liquidate the cornpany orto cease operations, or have no realistic
aliernative but to do so.
Auditor's responsibilili¢"s for the audlt of the flnancial statements
Our objectiV8s arelo obtain reasonable assurance about whetherthe financial statements as a whole are free from
rnalerial misslalement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurancè is a high levd of assurance bul is not a guarantee that an audit conducted in aecordance
with ISAS IUK} will s￿aYS detect a material misststement when it exists.
Misstatements can arise from fraud or error and are considered mateiial rf, individually or in the aggiegate. tt)ey
could reasonaNy be oxpected to influencE the economic déusions of users taken on the basis of Ihe5e financial
statements.
Irregularities, including fraud, are instances Df non-rA)mpliance with laws and regulations. We design pro¢edures
in line wilh our lesponsibilit￿$, outlined above. to delecl material ￿lS5tateMentS in respect of irregularities,
including fraud. The extent lowhich ourprocedures are capa￿e of deltrcting irregularits'es. including fraud is d8tsiled
below..
In identifying and assessing risks of material misstatement in respect trf Irregularities. including fraud and non-
¢gtnpliance with laws arKI regulations, we consldered the following.
21

the nature of the industry and sector. Gontrol enviionment and charilable company's performancè,.
results of our enquiries ol rnanagemenl about their own identiffication and assessment of the nsks of
irregularities.,
any matters we identified having obtsined and revSewed the charitable company's documentslion gfth8ir
policies and procedures relating to..
identifying. evaluating and complying with laws and regulations and whether they wère aware of
any instance5 of non-Gornpliallce",
detecting and rEsponding to the risks of fraud and whether they have knowledge of any actual,
suspecled or 8lleged fraud.,
the intemal controls established to mitsgate risks of fraud or non-compliance with lawg and
regulations.,
the matleis discussed among the audit engagement tsam and involving relevant intemal
spec181ists, including pensions regarding how and where fraud might occur in tha ffinancial
statements and any potential indicators of fraud.
As a result of these proceilures, we wnsidereil the opporiunitles and incentives that rnay 8xi5t within th&
organisation for fraud and identified the greatest potential for fraud to be in relation to revenue re¢ognttion and
management override which, in common wilh 8118udts under ISAS (UK), we are required to perform spe¢ifi¢
procedures to respond lo this risk.
We also obtained an understanding of the legal and regulatory fr8mework thatthe charitable company oper8les in,
focusing on prDV15ions of those laws and iegulations that had a direct effect on the deleminalion of material
amounts and disclosures in the finanual statements. The key laws and ￿gUlatIonS we considered in this context
included the UK Companies Act, Charitie5 Act, pensions legislation and tax legislation.
As a result of perfoming the above, in response to the risks identffied, we did not idenlfy any key audit matters
related lo the pot8nlial risk of fiaud or norKomplIan￿ with law5 and iegulab'ons.
In addition lo the abovts. our procerlures to respond to risks identified induded the foll¢)wing.'
reviewing the financial statement disclosures and testing to supporting documentation lo asses
compliance with provIs￿n$ ol relevant lawg and regulations described as having a direct effect on the
financial staloments.,
enquiring of rnanagefflent concerning actual and potenlial litigation and daims".
performing analytical procedures to identfy any unusual or unexpeded relationships that m8y indicate
risks of rnaterial misstalemenl due to fraud".
reading minutes of me81ing5 of thosè charged with goverr￿nCe. reviewing correspondence with HMRC..
and
in addressing Ihe Nsk of fraud through managem6nt override of controls, testing the approprialon&ss of
journal entries and ofher ￿lJustMents,. assessing whether the judgements rnade in making accounting
estimates are indicative of a potential bias., and evaluating the business ration3le of any significant
Iransaclion5 that ale unusual or out5Fde ihe nomal course of busines5.
We also communicated relevant idenliffied laws 8nd regulations and potential fraud risks lo all engagetnenl 10am
members and remained alert lo any indication5 of fiaud or norh-compliance with laws and regulaticlns throughoul
the audrt.
A lurthei description of our responsibilities is available on the Financial Reporiing Council's website at..
vMw.frc.or .uklauditorsres
nsibilities.
This description forms part of our a￿1tOrfS report.
22

Usg of our repori
This report is made solely to the charitablè compaAy'S members. as a bpdy, in a￿ordan￿ wlth Chapter 3 of Part
IS of the Companies Act 20CE. Our audit work has been undertaken so that we might state to the tharilable
company's members those matters we are requlred to stateto thern in an audilorfs report and for no other purpose.
To the fullest extentpermitied bylaw, we do not accept orassume responsibility lo anyone olherthan the charitable
Gompany and the ¢haritable company's members as a body. for our audit work, for this report, or for the opinions
wè have fomied.
F8ye Amistrong (Senior Statutory Audito
For and on behalf of Dodd & Co Audit Limited, Stalulory Auditor
FI￿EEN Rosehill
Montgomery W8y
Rosehill Estate
CARLISLE
CA12RW
zlgli4
23

CARUSLE DIOCESAN BOARD OF FINANCE UMITED
CONSOLIDATED STATEMENT OF FINANCIAL AcnviTIES
Forthe yearended 31 December 2923
Unrestrirtedfunds
General Deslsnated
Note £'QOO
£'DDD
Restrlrted Endowment
Funds
Funds
£'ooo
£'ooo
Total fund5
2023
202Z
£'ooo
£'ooo
Income and endowment5from
Donatlons
Parlsh contrlbutlons
Archbi5hDp'5 Councll
Other donatlons
Charllable act￿lties
Fee5 & chaplaincy income
Rydzl Hall
Sales of good5 & 5ervlces
other actIvIt￿$
Investrnents
Other sources
4,180
945
128
4,180
1,235
185
4.124
1,366
201
290
13
521
521
1,236
345
395
1,749
695
583
798
764
345
1,533
626
15
1,236
305
40
395
1,153
65
527
172
523
Totsl
7,362
1,650
I,(M)2
527
10,541
10,340
Expend5tur¢
Raisingfund5
Charttable activit*5
RÈsourcing ministry & mission
Educatlon
Rydal Hall
Other purposes
174
12
186.
207
6,745
325
12
446
800
.51
7,991 '
376
1.373.
301
7,613
310
1,445
12
15
io
1,361
299
Total
12
7,256
1,809
863
299
10,227
9,587
Net 5ncomelleKpendliuTel
before lrivèsttnentgalns
106
11591
139
228
314
753
Net galnslllosse51 on investments
20
178
542
820
1,560
13,5051
Net Inwméllexpendlturel
126
19
681
1.048
1,874
12,7521
Transfers bthveenfund5
22.
11971
570
11041
12691
Other recognisEd¥aiAs/llo$sesl
fjalns1llossesl on revzluation of
flxed assets
A¢tuarlal galns/llos5esl on
defined beneflt pÈnsion sahernes
42
61
Net mo¥ement In funds
1711
589
577
779
1,874
12,6491
Total funds brought forward
2,166
2,390
22,789
56,111
83.456
86,105
T¢)tsl funds carrled forward
2,095
2.979
23,366
56,890
85.330
83,456
All actlvktle5 dertve frorn continuinK artlvltles. The notes on pages 32 to 65 form p3rt of the flnanclal Statements.
24

CARLISLE DIOCESAN BOARD OF FINANCE IIMITED
CONSOLIDATED STATEMENT OF FINANCIAL ACtIVlTIES
Forthe year endeé 31 Detember 2022
UnrestriLted funds
General
Designated
£'(KJo
RÈstrlcted Endowment
Funds
Funds
£'ooo
£'ooo
Total funds
Z022
2021
£'ooo
Note
Income and endowments from
Donations
Parish contributiDns
Archbishop's Counril
Other donatlons
Charit3ble activities
Fees & chaplaincy incoffle
Rydal H811
S81es of goods & 5evvices
Other activities
Investments
Other sources
4,124
937
124
4.124
1.366
201
4,224
976
313
429
23
54
570
k3
583
798
764
345
1,533
626
587
935
201
391
1,338
580
798
736
28
345
965
59
503
409
208
Totsl
7,093
J,656
1.377
214
10,340
9,545
EHpÈnditsJre on
Ra￿l￿g funds
Charltsb1e activitie5
Resourcing rninistry & missiD
Education
Rydal Hall
Other purw)ses
191
16
207
177
6.87g
286
426
308
24
7.613
310
1,445
12
7,182
310
1,041
50
15
io
1.407
12
Total
12
7,394
1,833
360
9,587
8.760
Net incomellexpendltuyel
before investment saTns
13011
11771
1.017
214
753
785
Net gain5lllDsse51 on investments
1891
12501
11,4571
11,7091
13,5051
4,085
Net inctsme/lexpendltu￿j
13901
14271
14401
11,4951
12,7521
4,870
Transfers betweenfunds
22
215
50
11511
11141
other recogni5ed 8ainsll1055e$l
Gainslllossesl on revaluation of
flxed 855ets
Acruarial gainslllossesl on
deflned benefit pension scheffle5
42
42
61
61
35
Net movement in funds
IL141
13771
15491
11,6091
12,6491
4.905
Ti)tsl funds broughtfotward
2,280
2,767
23.338
57,720
86,105
81,200
fotsl fvnd5 carried forward
2,166
2,390
22,789
56,111
83,456
86,105
All actlvitles derfve from contlnulng activlties. The notes on pages 32 to 65 fom) part of the flnancial ststernents.
25

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
CHARITY STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 31 December 2023
Unrestricled funds
General
DesiEnated
£'ODD
£'ooo
Restricted
Funds
£'ooo
Endowment
Funds
£'wo
Yotal fu￿15
2023
2022
E'OOO
£'ooo
Note
Income and endowmentsfrom
Donations
P8ri5h contribution5
Ar£hbishop's Council
Other donations
Charitsble activities
Fees & chaplaincy Incorne
4,180
945
128
4.180
1,235
146
4,124
1.366
151
290
13
521
521
583
53
28
345
1,530
617
15
Sales of Boods & service5
Otherartivities
Investments
Other
40
395
1.153
40
395
1,743
695
59
527
172
523
Total
7.362
I.￿?
527
8.955
8,797
Expenditure on
Raising fund5
Charitsble activities
Resourcing ministry & tni55ion
Education
Rydal Hall
Other
174
12
207
6,745
325
12
125
7,670
376
52
7,376
310
38
12
51
15
io
Total
7,256
165
863
299
8,583
7.943
Net Incomellexpenditurel
bÈfore Inve￿ment galns
106
iioii
139
228
372
854
Net galnslllossesl on investments
20
178
542
82D
1,560
13,5051
Net Incomo/lexpendSiurel
126
77
1.048
1.932
12,6511
Transfer5 between funds
22
11971
570
11041
12691
Other recognSsed 8olns/llossesl
Gains/llossesl on revaluatlon of
rixed assets
Actuarial gain5111055es1 on
defined benefit pension scheme5
42
61
Net movement In funds
647
577
779
1,932
12.5481
Totsl funds broughtforward
2.166
2,273
22,799
S6,111
83,339
85,887
Totsl funds ￿rrIed fohward
2,095
2,920
23,366
56.890
85,271
83,339
All actlvlties derfve from continulThg activities. The note5 on pages 32 to 65 form part of the financial ststernents.
26

CARLISLE tPlOCESAN BOARD OF FINANCE LIMITED
CHARITYSTATEMENT OF FINANCIAL ACtIVITIES
For the y¢orend*d 31 De￿mber 202Z
Unreslrirted funds
General
Designated
£'TrJo
Restr5cted Endowrnent
Funds
Funds
£'ooo
Totsl lynds
2022
20Zi
£'ooo
£'ooo
Income and èndowmentsfrom
DLlnatlOn5
Parish EontributlOnS
Archbi5hop'5 Council
otherdonations
4.124
937
124
4,224
976
160
429
23
1.366
151
Fee5 & chaplaincy Incorne
Rydal Hall
Sales of goods & services
Othei attivities
Invesrments
Other
570
53
28
345
965
13
583
53
28
345
1,530
617
$87
68
15
391
1,338
397
56
503
409
208
Totsl
7.146
1,377
214
8,797
8,141
Expendlture on
Raising funds
Charltable actlvitie5
Re50urcin8 mlnistry & rnission
Educatltsn
Rydal Hall
Other
191
16
207
177
6,879
286
189
308
24
7.376
310
38
12
6.873
310
335
50
15
io
12
Total
7.394
189
360
7.945
7,745
Net Incomelle¥pendlturel
before Irtve5tmentzalns
12481
11291
1,017
214
854
396
Net gains/llossesl on inve5tment5
1891
12501
11.4571
11,7091
13.5051
4.085
Net Incomellexpenditurel
13371
13791
14401
11,4951
12,6511
4,481
Trnn5fer5 between funds
22
162
103
11511
11141
Other rÈcognlsed galns/llosse51
Gain5111ossesl on revaluation of
fjxed assets
Actuarial gainslllossesl on
defined benefit penslon schemes
42
42
61
61
35
Net movement Infund$
11141
12761
15491
li,6￿)
12,5481
4,516
Totalfvnds brought fofward
2.280
2,549
23.338
57.720
85,887
81,371
Totalfvnds carrledfonvard
2,166
2,273
22,789
56,111
83,339
85,887
All activitie5 derivefrom continuin8 activitie5. The notes on pages 32 to 65 form part ol the lin3ncial ststements.
27

CARLISLE DIOCESAN BOARD OF FINANCE LIMtrED
CONSOLIDATED SUMMARY INCOME AND EXPENDrruRE ACCOLINT
Forthe year ended 31 December 2023
Total
2023
Total
2022
£'OLX)
Total income per reconciliation below
Re50ur¢es expended per reconciliation below
10.217
19,9281
10,377
19.7351
Operating surplus for the year
Interest receivable
Net gainslllossesl on investments
289
66
740
642
19
11,8041
Net Income for the year
1,095
11,1431
Other tomprehenslve Income..
Revaluation of flxed assels
Actuarial 81ins/l10s5esl on defined benefit pension schemes
42
61
Total comprehenslve Income for the year
1,095
11,0401
The incc*me and expenditure account 15 derived from the Statement of Financi81 Activities with movements in
endowment fund5 excluded to comply with company law. All income and expet)diture 15 derived frorn
continuing activities.
Reconciliation of Summary Income and Expenditure lo SOFA
Total
2023
£'ooo
Total
2022
£'ooo
Total incoming resources per SOFA
Less= interest receivable
total endowment additions
Add.. endowment capital transferred to income funds
10.541
1661
15271
269
10,348
1191
12141
262
Total irtcome per above
10,217
10,377
ResOur￿S expended per SOFA
Less: expendlture charged to endowment capital
Add- income funds reclassified as endowment capital
10,227
12991
9,587
148
Total expendlture per above
9,928
9,735
28

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
CONSOLIDATED BALANCE SHEET
At31 Decernber 2025
Company Number- 39625
2023
2022
Note
eooD
£,￿0
£'ooo
rooo
FIXED ASSETS
Tangible as5et5
Investments
23
24
41,241
41,795
41,085
42,024
83,036
83,109
CURRENT ASSETS
Stock
Debtors
Cash on déposit
Cash at bank and in hand
25
26
4,462
3,637
479
3.781
1.911
1,015
8,587
6,715
CREDITORS- amounts falling due within one
year
27
16,2931
16,2681
NETCURRENT ASSETS
2,294
447
TOTAL A55ETS LESS CURRENT LIABILrriES
85.330
83,556
CREDITORS.. amounts fallin8 due after more
than one year
Other creditor5
28
iiooi
11001
NET AssErs
85,330
83.456
FUNDS
Endowment funds
IncludinE Investment revaluation reserve of £34,215,000
12022= £33.396.0001
Restricted income funds
Including investment revaluatlon resetve of £7,433,000
12022= £6.889,0001
Unrestri¢ted Income funds..
General funds- Including revaluation reserve of £531.000
12022: £511,000)
Designated fund5- Including revaluation reserve of £935,000
12022= £756,000)
56,890
56,111
23,366
22,789
2.095
2,166
2,979
2,390
TOTAL FUNDS
29&30
85.330
83.456
The Cash Flow Statement and the Notes forrn part of these financlal statements. The financial statements were
approved by Ihe Trustees and authori5ed for issue on and Signed on behalf of the Board by:
nson
July 2
29

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
CHARITY BAIANCE SHEET
At 31 DÈtembÈr2023
Company Number-39625
2023
2022
Note
£'ooo
E'OOO
£'ooo
FIXED Assrrs
Tangible assets
Investments
23
24
41,079
41.795
40,980
42,024
82.874
83,004
CURRENT ASSETS
Debtor5
Subsidiary companie5
Cash on deposit
Cash at bank and in hand
25
4.430
171
3,540
342
3,724
159
1,719
836
26
8,483
6,438
CREDITORS: amounts falling due within one
year
27
16,0861
16,0031
NEf CURRENT ASSETS
2.397
435
TOTAL ASSETS LESS CURRENT UABILITIES
85,271
83,439
CREDITORS.. amounts falling due after more
thart onè yèar
Other credltors
28
iiooi
ASSETS
85.271
83,339
FUNDS
Endowment fund5
Including investment revaluotion reserve of £34,215,000
12022.. £33.396,0001
Restrirted Incomefunds
Including investment revaluatlon reserve of £7,433,000
12022- £6,889,0001
Unrestricted income funds-.
General funds- Including revalu3tlOD Teserve 01 £531,0(K)
12022.. £511,000)
Designated funds- Includlng revaluatlon reserve of £935,000
12022.. £756,000>
56,890
56,111
23,366
22,789
2.095
2.166
2,920
2,273
TOTAL FUNDS
29&30
85,271
83.339
The Cash Flow Statement and the Notes form part of these financial statements. The financial statements were
approved by the Trustees and authorised for issue on and signed on behalf of the Board by=
Jo
nson
JuFy2
30

CARLISLE DIOCESAN BOARD OF FINANCE UMITED
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 2023
Z023
2022
É'o
£'ooo
11,9571
£'ooo
vo
Net cash Inflowllouttlowl from operating activities
Cash flows from Investlng acttvltles
Divldends, Interest and rentlrom investments
Interest paid
Proceeds from the sale of..
Tangible fixed awts
InvestTnent5
Purchase of.
Tangible fixed assÈts
Flxed a55et investments
17591
1,749
1121
1,533
612
2,282
1,372
18591
14751
lJ,0261
12,0951
Net Cash provlded byllused inl inve5tingaL*ivitie$
3,297
261
Cash flowsfrom financing activities
Repayment of loans
11501
11501
Net ¢•sh provlded byllused Inl flnanclng artlvStle5
11501
11501
ChanKe in cash ond ¢ash equlvalents inthe reporting
perlod
1,190
16481
Cash and cash equlvalent5 * ljafiuary
2,926
3.574
Cash and cash equivalent5 at 31 Detember
4,116
2.926
Reconclllaiionof net movementsinfuni15tonetcash
flow from operatlng artivitles
Net movement in funds for the year ended 31
De¢ember
Adlu5trnenlsfor.
Depreciation charges
ividends, interèst and rentfrom investments
Interest paid
Repayment of loans advanced
Advancernent of loans
Lossllprofitl on sale of functional a55ets
Actuarial gain5 on defined benefit pensions
Ilncreasel in stock
IlncrÈasel In debtor5
In¢￿ase in credltor5
314
753
49
11.7491
12
18
32
11,5331
31
16051
61
16811
76
16461
1.143
N2t cash provlded byJlu5ed inl operating activilies
11,9571
17591
Analysis ol tash and cash equlvalents
Cash in hand
Notice deposits (less than 3 month51
479
3.637
1,015
1,911
4.116
2.926
31

CARUSLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENT5
For the year ended 31 December 2023
I. ACCOUNTING POIICIES
The financial statements have been prepared under the historical cost convention, with the
exception of freehold properties, which are included as determined under the applicable valuatlon
method as detailed in dl, and fixed asset investments, which are included at their market value at
the balance sheet date. The financial statements have been prepared in accordance with the
Statement of Recommended Practice for Charities ISORP 20191. the Companie5 Act 2006 and
applicable accounting standards IFRS1021-
The principal accounting policies and estimation techniques are as follows-
a) Consolidation
Consolidated financial statements have been prepared on a line by line basis in accordance
with FRS102. The consolidated financial statements incorporate the accounts of:
Parent, The Carlisle Diocesan Board of Finance Limited (Carlisle DBFI,. and
The wholly owned subsidiary company, Rydal Hall Limited,. and
The wholly owned subsidiary company, Cumbria Christian Learning- and
The wholly owned subsidiary company, Restore (Cumbrial
bl Income
All income is included in the Statement of Flnancial Activities150FAI when the DBF is legally
entitled to it as income or capital respectively, ultimate receipt is probable and the amount to
be recognised can be quantified with reasonable accuracy.
il Ministry Offer {previously known as Parish Offer) and parochlal fees are recognised as
income of the year in which they are received or within one month after the financial year
end to whlch they relate.
ill Rent receivable 15 reco8nised as income in the period with respect to which it relates.
iiil Interest and dividends are recoBnised as income when receivable.
iv) Grants received which are subject to pre-conditions for entitlement specified by the donor
which have not been met at the year-end are included in creditors to be carried forward
to the following year.
vl Donations other than grants are recognised when receivable.
vi} Gains on disp0531 of fixed a5set5 for the DBF'S own use li.e. non-investment a55et51 are
accounted for as other income. Losses on disposal of such assets are accounted for as
other expendlture..
32

CARUSLE DIOCESAN BOARDOF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Forthe year ended 31 December 2023
I. ACCOUNTING pouaES {contlnued)
vil} Stipends fund Income. The Stipends Fund Capital account Is Eovemed by the Diocesan
Stipends, Fund Measure 1953, as amended, and the use of the income is restricted for
clergy stipends. However, the income is fully expended within the year of receipt and the
legal restrictions, therefore, are satlsfied. It is on this basis that the income and the
Inormally much larger) related expenditure are both included in the unrestricted column
of the Statement of Financial Activities for the sake of greater clarity and simplicity in
financial reporting.
viiil Govemment Grants. Grants for the purpose of giving immediate flnancial support with
no future related costs to be incurred are recognlsed in the profit and'loss account when
the grant proceed5 become receivable. Other grants relating to revenue are recognised in
the profit and loss account on a systematic basis over the periods in which the related
costs are recognised for which the grant is intended to compensate.
cl Expenditure
Expenditure is included on the accruals basis and has been classified under headings that
aggregate all costs related to the Statement of Financial Artivity category.
il Cosls of ralsing funds include investment management costs of glebe and any other
investment properties and interest costs on defined benefit pension scheme Ilabilities.
ill Charitable expenditure Is analysed between contributions to the Archbishops, Council.
expenditure on resourcing mission and ministry in the parishes of the diocese,
expendlture relating to the running of the diocesan retreat centre. and expenditure on
education and Church of England schools in the diocese.
iiil Grants payable are charged in the year when the offer is conveyed to the recipient except
in those cases where the offer is conditior)al on the recipient satisfying performance or
other discretionary requirements to the satisfaction of the DBF, such grants being
recognised as expenditure when the conditions attaching are fulfilled. Grants offered
subject to such conditions which have not been met at the year-end are noted as a
commitment, but not accrued as expenditure.
iv) Support Costs consist of central management, administration and governance costs.
Costs are allocated wherever possible directly to the artivity to which they relate, but
where such direct allocatlon is not possible, the remainder is allocated on an approxirnate
staff time bas15.
vl Pension contributions. The DBF's Staff are members of the Church Workers Pension Fund
and Clergy are members of the Church of England Funded Pensions Scheme15ee note 311.
The pension costs charged as resources expended represent the DBF'S contributions
payable in respect of the accountlng period, in accordance with FR5102. Deficit funding
for the pension schemes to which DBF participates is accrued at current value in creditors
distinguished between contributions falling due within one year and after more than one
year.
33

CARIISIE DIOCESAN 80ARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 De£ember 2023
I. ACCOUNTING POLICIES (continued)
dl Tangible fixed a55ets and depreciation
Freehold properties
Depreciation 15 not provided on buildings as any provision lannual or cumulativel would not
be material due to the very long expecled remaining useful economic life in each case, and
because their expected residual value is not materially less than their carrying value. The DBF
has a policy of regular structural inspection, repair and maintenance, which in the case of
residential properties is in accordance with the Repair of Benefices Buildings Measure 1972
and properties are therefore unlikely to deteriorate or suffer from ob501escence. In addition,
disposals of properties occurwell before the end of their economic lives and disposal proceeds
are usually not less than their carrying value. The Trustees perform annual impairment
reviews in accordance with the requirements of FRS102 to ensure that the carrying value is
not more than the recoverable amount.
Investment properties
Glebe properties which are held for investment purposes and rerhted out have been included
at their fair value, determined through external professional valuations.
Parsonuge houses
The DBF has followed the requirements of FRS102 in its accounting treatment for beneflce
houses Iparsonagesl. FRS102 requires the accounting treatment to follow the substance of
arrangements rather than their strict legal form. The DBF is formally responsible for the
maintenance and repair of such properties and ha5 some jurisdiction over their future use or
potential sale if not requlred as a benefice house, but in the meantime legal title and the right
to beneficial occupation is vested in the incumbent. The Trustees therefore consider the most
suitable accounting policy is to capitali5e such properties as expendable endowment assets
and to carry them at their deemed cost at a fair valuatlon at l January 2014.
el Other tangible fixed assets
All capital expenditure over £1,000 is capitalised and depreciated. Depreciation is provided
in order to write off the cost (less any expected ultimate disposal proceeds at price5 ruling at
the time of the a55et's acquisition) o* other fixed assets over their currently expected useful
economic lives at the following initial rates:_
DBF furniture. fittings, equipment and computers
IO% to 20Yo per annum on a straight
line basis,.
10-25% per annum on a straight line
basis.
Rydal Hall furniture. fittinES, equipment and plant
34

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
I. ACCOUNnNG pouaES {continued)
f) Other accounting policies
il Fixed asset investments are included in the balance sheet at market value and the gain
or loss taken to the Statement of Financial Activities. Subsidiaries (where shares are heldl
are valued at fair value based on balance sheet value. Jointly controlled entities are valued
at fair value using the net assets of the entity and the share held.
ill Leases. The DBF has entered into operating lease arrangements for the use of certain
assets, the rental for which is charged in full as expenditure in the year to which it relates.
Where rent free periods are given as part of an operating lease, the impact of this rent
free period is reflected in the Statement of Financial Activities over the shorter of the
overall lease term or the period to the first break clause.
E) Fund balances
Fund Balances are split between unrestricted (general and designated), restricted and
endowment funds.
Unrestricted funds are the DBF'S corporate fund5 and" are freely available for anv
purpose within the charitable companws objects, at the discretion of the DBF. There
ale two types of unrestricted funds:
General funds which the DBF intends to Use for the general purF)oses of the DBF-
and
Designated funds set aside out of unrestricted funds by the DBF for a purpose
specified by the Trustees.
Restrlcted funds are funds subjett to condition5 imposed by the donor as specific
terms of trust, or else by legal measure.
Endowment funds are those held on trust to be retained for the benefit of the
charitable company as a capital fund.
In the case of the endowment funds
administered by the DBF (Parsonage Houses Fund and Retired Clergy and Dependants
Fund), there are discretionary power5 to convert Capital Into income and, as a result.
these fttnds are classified as expendable endowment. Endowment fund5 where there
is no provision for expenditure of capital are classified as permanent endowment.
"Special trusts" las defined by the Charities Act 2011) and any othertrusts where the company
act5 as trustee and controls the management and use of the fund5, are included in the
company's own financial statements as charity branches. Trusts where the DBF acts merely as
custodian trustee with no control over the management of the funds are not included in the
financial statements but are summarised in the notes to the financial statements.
35

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
I. ACCOUNTING POLICIES (continued}
h) Going Concern
The charity ha5 considered whether the use of the going concern basis for accounting is
appropriate. To do this, they have considered whether there are any material uncertainties as
to the Charity's ability to continue as a going concern.
The trustees have prepared detailed budgets covering the coming four-year period, based on
actual experience and taking into account church finances in light of recovery from the 2020
pandemic and the current cost of living challenges. As a result of thls work, the trustees remain
confident that there are financial resources 2vallable to fund their work. and are Satisfied that
there are no material uncertainties about the charity's ability to continue as a going concern.
36

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
DONATIONS
Parish Contribution5
The majority of donations are collected from the paiishe5 of the diocese throuÉh the parlsh offer system
(now known as 'Ministry Offer'l.
Un￿$trirtedfUDds
General
Designated
£'ooo
Restrirted Endowment
Funds
Fund$
£'ooo
£'ooD
Totalfunds
2023
£'ooo
2022
£'ooo
Current year
Offer
Shortfall in contributions
4,208
1551
4,208
1551
4,172
1951
4,153
4.153
4,077
Receipts for previou5 years
27
27
47
Toial Income
4,180
4,180
4,124
Total receipts (including for previous year51 represent 99.3% of the parish offer12022- 98.8%).
Archbighop's Councll
Unrestrirted funds
Genelal DesignJled
Restrlrted Endowment
Funds
Funds
£'ooo
Yotal funds
Z023
2022
£'ooo
LINC allocation
Strateglc Dèvelopment Grant
Sttsteglc Ministry Fund
Diocesan InvÈstment Fund
Icapacityl
OtherErants
592
353
592
353
162
30
564
356
162
30
98
98
446
945
290
1,235
1,366
Other donation5
Unresirirted funL15
General
Designated
É'(N)o
Restricted Endowrnent
Fund5
Funds
£'ooo
Total funds
2023
£'ooo
2022
£'TrJo
£'ooo
BenefartTrust
Mlnlstry Partners
Donatlons
79
33
16
79
46
21
90
23
38
13
CompanyTotal
128
13
146
151
Rydal H811
Restore Icumbrlal
16
23
16
23
47
Group Total
128
44
13
185
201
37

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL sfATEMENTS
For the year ended 31 Decembèr 2023
3. CHARITA8LE AcnvmES
Fees and chapla5ncy Income
Unrertrfcted funds
fjeneral
Designated
£'ooo
£'ooo
Restrirted Endowment
Funds
Funds
E'OOO
f'ooo
Total fvnds
2023
£'wo
2022
Statutory fees
ChaplainLv
Support for Ministry
Course and otherfees
354
27
130
io
354
27
130
io
393
li
159
20
CompanyTotal
521
521
583
Course and otherfees
GroupTotal
521
521
583
Other sales
Unrestrictedlund5
General Deslgnated
£'ooo
Restrlcted Endowment
Funds
Funds
Totslfunds
2023
£'Mo
2022
£'ooo
Educatlon serrfices
40
40
28
CompanyTotsl
40
28
Ryd81 Hall
Resto￿ Icumbrlal
305
305
GroupTotal
40
305
345
764
OTHER TRADING AcrivrriES
UnrestrKied funds
General
Designated
É'ooo
Restrltted Endowment
Funds
Funds
£'ooo
f'OOO
Total funds
2023
E'OLKI
2022
É'ooo
Parsona8e ￿nts
395
395
395
395
345
INVESTMENT INCOME
Unrestrlcted funds
General
Des5Bnated
Restritted Endowment
Funds
Funds
£'ooo
Total funds
2023
È'ODD
2022
£'ooo
Dividends receivable
Interest receNable
Rents recelvable
825
18
310
56
466
24
37
1,347
49
347
1,169
30
331
Cornpanytotal
1,153
59
527
1,743
1,530
Sub51dlarls interest
Consolidated total
J,153
65
527
1.749
1,533
38

CARUSLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 Detember 2023
oTrrER INCOMING RESOURCES
Unre￿rICted funds
General
Designated
£'ooo
Re5trlcted Endowment
Funds
Funds
£'ooD
rotal funds
2023
£'ooo
Z022
£'ooo
£,￿0
GaiTr on Sale of properties
Insurance Receipt5
Sales of redundant churches
24
123
4LM)
147
400
148
548
69
Company fotal
172
523
695
617
Rydal Hall
Restoie Icumbrlal
Group Totsl
172
523
695
626
GovernrnenVLocal Authority grants are made up of..
Company
2023
Group.
2022
£'ooo
Z023
E'OOO
2022
Covid-Related Grants
Total
RAISING FUNDS
Unrestricted fund5
General
DesIgna￿d
£'ooo
£'ooo
Restrl¢red Endowment
Fund5
Funds
É'orx)
£'ooo
Total fund$
2023
E'ooo
2022
Investment management
Generating voluntary Income
118
56
12
130
56
156
51
174
12
186
207
& RESOURCING MISSION AND MINISTRY
Ministry in the communities-stipend c05t5
Unrestri(ted funds
General
Deslgnated
£'ooo
£.0￿)
Restrirted Endowment
Funds
Funds
£'ooo
Totalfunds
Z023
£'ooo
2022
£'ooo
Stipends
Natlonal insuran£elAp. Levy
Pension costs
Removal, resettlement &
other grants
Other costs
2,079
175
83
2,162
180
513
2,124
180
619
28
152
322
152
322
227
395
3,213
116
3.329
3.545
39

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 310ecember 2023
8. RESOURCING MISSION AND MINISTRY Icontinued)
Ministry in the communltles- houslng costs
Unrestrirtedfunds
Gene¥al
Designated
£'ooo
£'ooo
Restrirted Endt)wment
Funds
Funds
E'ODO
£'wo
Total funds
Z023
zozz
£'wo
Repairs & improvements
CounEiI tax
Water charge5
Insurance
Rent payable
Other costs
625
250
60
35
36
150
811
250
233
49
35
220
220
165
1.192
36
1,378
1,124
Total ministry In the
communities
4,405
36
266
4.707
4.669
Support for ministry
Lay mlrtl#ry & chaplalncles
Network Youth Minlsters
and Interns
Chaplains
306
306
254
31
31
33
337
337
287
Training & ministry
development
Ordained min15try:"
Ordinand5
Curates
Ministry development
Lay tralning
Northern M155Ion Centre
324
14
20
18
129
61
385
14
20
18
129
446
io
41
19
128
505
61
566
644
Restore Icumbrfal
35
35
78
God ForAII strategy
Support for local churche5
Reach Team
Ploneerlng mln15trles
54
299
357
252
275
62
260
265
252
275
531
54
299
587
ca￿ for churth bulldlnss
78
129
207
116
40

CARUSLE DIOCESAN BOARD OF FINANCE LIMrrED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
RESOURCING MISSION AND MINisfRY Icontlnuedl
Unrestrirted funds
General
Designated
£'ooo
£'uoo
Restricted
Funds
£'o)o
Endowment
Funds
£'ooo
Total funds
2023
20ZZ
£'ooo
MinTStry support
National Church
Dloce5an Church
Partner5hip5
Retired clergy
270
600
19
270
257
640
19
79
19
45
45
889
45
934
995
Total support for min45try
2,340
89
534
2,963
2,707
Total Company resourcinE
mlsslon & ministry
6,745
125
800
7,670
7,376
Training & ministry
development~
Ministry development
321
321
237
Total Group resourci
mission & mirbi5try
6.745
446
7.991
7,613
EDUCATION
Unrestricted funds
General
Oeslgnated
£,￿0
Restrirted End¢)wment
Fulld5
Funds
'ooo
£'ooo
Total funds
2023
£'ooo
zozz
£'ooo
Supportfor church schoo15
325
51
376
310
325
51
376
310
10. OTHER RESOURCES EXPENDED
Unrettritted funds
General
DÈslgnatsd
£'ooo
Restricted Endowment
Fund5
Fund5
£'ts)o
£'ooo
Totalfunds
20Z3
£'ooo
2022
Deflclt on fixed assets
299
299
Companytotal
299
299
12
ileficlt on fixed assets
Consolldated total
299
301
12
41

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIALSTATEMENTS
For the year ended 31 December 2023
11. ANALYSIS OF CONTRIBUTIONS TO ARCHBISHOP5' COUNCIL
unre5trl¢ted funds
General
Desl8nated
£'ooo
Restrltted Endowment
Funds
Funds
£'ooo
£'ooo
Totsl funds
2023
2022
£'ooo
National Church
Grant5 & provIs￿n5
Mission Agency pension5
Retlred clergy houslng
124
22
124
22
130
18
84
237
237
237
12. ANALYSIS OF EXPENDITURE INCLUDING ALLOCATION OF SUPPORT COSTS
Activitles
Undertake
Dlrettty
É'ooo
Grant
Fundlng of
A￿l¥ltieS
Support
Tijtal (051$
2023
2022
£'TrJo
£'oc#J
Raisinefunds
Charitable actlvltle5'.
Re50Ufcing Mi55i0TI & Ministry
Education
Rydal Hall
Other
98
88
186
207
6,746
295
1.363
299
756
489
81
12
7,991
376
1,375
299
7.613
310
1,445
12
8,801
756
670
10,227
9,587
13. ANALYSIS OF SUPPORT COSTS
Unrestrlcted funds
G¢rteral
Deslgnated
£'ooo
Restri¢Od Endowment
Funds
Funds
£'ooo
Total funds
2023
£'ooo
2022
£7￿0
Finance and adminlstratlon
Msnagernent costs
Human re5Durce5
Auditor's rernuneration
Governance
299
112
167
23
69
299
IJ2
167
23
69
269
107
140
19
61
670
670
596
Governance £Dsts include the costof preparingannual account5, and the cost of Board meetings. Bishop's Councll and
Diocesan Synod.
42

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
14. ANALYSIS OF GRANTS MADE
Grants to
In5titutior15
Grants to
Indivlduals
£'ooo
Total
2023
£'ooo
Total
Z022
£'ooo
From unrestrfcted funds..
Contriburions to Archbishops, CouncTI
From restrlcted funds=
R@sourcinB ministry and mission..
Grants to parlshes
Grants for ordinands
Grants to clergy
Grant5 to retired ¢ler8y
237
237
237
347
23
347
88
152
43
65
152
43
108
87
76
607
260
867
542
43

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTESTO THE FINANCIAL STATEMENTS
For the year ended 31.December 2023
15. RYDAL HALL
Rydal Hall Ltd 15 a wholly owned subsidiary company incorporated in England. On 21 December 2017
it became a registered charity. It is the sole owner of a trading company* Rydal Hall Trading Ltd. Its
principal activity is the operation of the Carlisle Diocesan Retreat House and Conference Centre at
Rydal Hall, Ambleside. Rydal Hall is owned by the Carlisle DBF and leased to the subsidiary. Any
taxable profits made by the subsidiary are donated to the DBF. Audited accounts are filed annually
with Companies House. A summary of the consolidated trading results of Rydal Hall Ltd and its
subsidiary is shown below.
ilnrestTlrted fund5
General
Designated
£'ooo
Restrided Endowment
Funds
Funds
£'ooo
T￿¥1 funds
2023
2022
Turnover
Other operating income
Government Grants
12
1.292
1.270
1,280
12
1,292
1.278
Interest recelvable
Total Intome
1,286
12
1,298
1.281
Cost of sales
AdminisrrativÈ expenses
208
1,143
208
1.155
223
1,237
12
Ttrtal expendiiure
1,351
12
1,363
1,460
Profit I Ilossl on ordlnary
adlvlile5 befvr• tax
1651
11791
Taxation
Profrt I1105sI on ordlft•ry
artlvltles after tax
1651
1651
11791
Retained profits blf
12451
12451
1661
Retained profrts (If
13101
13101
12451
Other reserves
269
269
269
Totalfund$ ¢arrled forword
1411
1411
24
Fixed assets
Net current assets /
142
11831
142
11831
86
1621
Net ¥5$pts
1411
1411
24
Included in income is a grant of £40,00012022- £Nill from the DBF to Rydal Hall Ltd.
Included in administrative costs above are payments to the DBF of Enil12022.' £45,000) rent and a
management charge of £nil12022: £8,000).
Company Number02561024 Charity Number 1176419
44

rJRLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ende(131 December 2023
16. RYDAL HYDRO LIMITED
Carlisle DBF owns a 50% share of Rydal Hydro Limited as a joint venture after investing £700,0￿ in
the issued share capital of the company. Rydal Hydro Limited was incorporated in England on 26
February 2014 in order to construct a hydroelectric plant on Rydal Beck in the ground5 of Rydal Hall
to generate renewable electricity. The DBF'S share of the result5 and net assets of Rydal Hydro Limited
are shown below.
Unrestrlctedfunds
General
Deslgnated
£'o¢)o
£'ODO
Restrlcted Endowmeftt
Funds
Funds
£.￿0
T¢)tsl fvnds
2023
£'o
2022
Turnover
Cost of sales
309
1161
3Dg
1161
245
Gross proflt
Administrative expenses
293
1951
293
1951
214
1791
Operating profit
Interest receivable
198
198
135
ProtitllLossl on ordinary
actlvltles before tal
Tax8tlon
199
1481
199
1481
135
Profitlllosslforthe year
Retained proflts blf
Dlv5dends paid
151
128
11751
151
128
11751
163
11191
Retalned profrts clf
104
104
128
Called up shère capltal
Sh3re premlutn account
693
693
693
Tbtal fund5 carrlod forward
804
804
828
Fixed a55ets
Net current assets
Creditors falling due after
more than one year
841
65
841
65
11021
11021
iioii
Net asset$
804
828
Company Number 08912230
45

CARLISLE DIOCESAN BOARD OF FINANCE IIMITED
NOTESTO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
17. RESTORE (CUMBRIA)
Restore (Cumbrial had historically been a dormant company. On l July 2020, the staff, net assets and
activities of the Diocese's OPSHOPS network of charity shops and mlnlstry were transferred to Restore
(Cumbrial, a subsidiary charity of the Carlisle D8F.
Un￿￿tritted fLJnds
General
Peslgnat¢d
£'NJo
£'ooo
Rertrlcted Endowrnent
Funds
Funds
£'ooo
2023
2022
£'ooo
Income frorn..
Turnover
Grants and Donations
Government Grants
305
305
57
268
L24
55
Total income
307
55
362
392
Resources expended..
Costs of Sales
Adrnini5trative Expenses
314
37
351
312
Totsi resources expended
314
37
351
313
Net in¢ome ftsrthe year
Retsined lunds blf
18
li
93
79
14
59
Retslned funds ¢/f
52
52
104
93
Fixed assets
Net current assets
Credltor5fallln6 due after
rnore than one yeh
19
33
19
85
27
66
52
Net assets
52
52
104
93
Included in grants and donations above is a grant from Carlisle DBF of £35,00012022: £85,000).
The above-named charity - Restore (Cumbrial - is entitled to and is usin8 an audit exemption under
Section 479A of the Companies Act 2IK)6 Iyhe Act"). The members have not required the charity to
obtain an audit for the year In questlon in accordance with Section 476 of the Act.
In accordance with Section 479C of the UK Companies Act 2006, the charity - Carlisle DBF - has
irrevocably guaranteed the liabilities of tts above-named subsidiary in respect of the financial year
ended 31 December 2023.
Company Number08146662 Charity Number 1187078
46

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Forthe year ended 31 December 2023
18. TAXATION
Carlisle DBF is a registered charity and has no liabillty to corporation tax.
19. STAFF cosrs
2023
£'OC4)
2022
Employee costs during the year were as follows:
Wages and salarie5
Natlon31 Insurance contributlon5
Employerfs contributions to pension 5cheme5
2,476
220
325
2,234
310
3,021
2,744
The average number of pèrsong employed by the group during the year..
Nurnber
Number
Re50urcing mirnistry and rni5510n
Education
RestrJrÈ
Cumbria Christlan Learnlng
Rydal Hall
50
48
io
io
36
37
loo
Of these p05t5, 15 were externallyfijnded through grants recelved from the Archbishop's
Council and other mtsslon partners.
The average numberof persons ernployed by the group durlng the year based on full-tlme
equiv8lents'.
Number
Number
Resourcing rnini5try and rni55ion
Education
Opshop5
Rydal Hall
39
41
io
30
28
83
81
The numbers of staff whose eFnoluments lincluding b￿n￿[tS in klnd but excluding pension
contri￿tIOns} amounted to more than £60.000 were aslollows..
Number
Number
£60,000- £70,000
£80,000- £90,000
£90,000- £IW.OCM)
47

CARLISLE DIOCESAN BOARD OF FINANCE IIMITED
NOTES TO THE FINANCIAL STATEMENTS
Forthe year ended 31 December 2023
20. COSTS OF STIPENDIARY CLERGY
Carlisle DBF is re5pon5ible for fundinE, via the Churth Commissioners. the stipends of licensed stipendlary
clergy in the diocese, L)ther than bishops and cathedral Staff. The DBF L5 also responsible for the provision of
housing for stipendiary clergy in the dlocese including the Suffragan Bishop but excludinB the Diocesan BishoTrp
and cathedral staff.
The stipend5 of the Diocesan Bishop and Suffragan Bishop. funded by the Church Cornmissioners, are In the
range £55,000- £60,00012022 ran2e £55,000- £60,0001- The annual rate of stipend. funded by Carli51e DBF,
paid to Archdeacons in 2023 was £39,69612022- £37,890). The Diocesan standard stipend for 2023 wa5
£29,05612022- £27.7321.
Carlisle DBF paid an average of 7412022- 781 stipendiary clergy as office-holders holding parochial or diocesan
appointments in the diocese and thè costs were as follows..
2023
2022
£'ooo
Stlpends
Natlonal in5urènce conrrlbutlons and apprenticeship levy
Employerf5 Contributions to defined benefit pension scheme5'.
Currenl year
DefiEit reduction
2,237
182
2,240
192
545
683
87
2.964
3.202
21. REMUNERATION OF TRUSTEES AND OTHER KEY MANAGEMENT PERSONNEL
Trusteeg emoluments
No Trustee received any remuneration for services as Trustee. Thè Trustees received travelling and out of
pocket expenses, totalling £23,00012022- £28,000) in respect of General Synod dutles. dutles as archdeacon
and other duties as Trustees.
The following table gives details of the Trustees who were in receipt of a stipend andlor housing provided by
the DBF during the year..
Stlpend
HouslnB
The Right Revd James Newcome
The Venerable Dr R Pratt
The Venerable V Ross
The Venerable S J Fyfe
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Key management personnel are deemed to be those having authoTity and r@SPDnsibility, delegated to them by
the trustees. for plannin& directing and controlling the activitie5 of the dI0￿Se. Ourlng 2023 they were..
Diocesan Secretary and Company Secretary
Director of Education
Head of Finance
Remuneration, pensions and expenses for these 3 employees12022'. 41 amounted to £288,(KJO
12022.. £255,000).
48

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
22. ANALYSIS OF TRANSFERS BETWEEN FUNDS
UnTestrf¢ted funds
General Designated
É'ooo
£'ooo
Restrltted Endowrnent
Funds
Funds
£'o
£'ooo
From 8archester Fund for Educatlonjl 5UPPOrt
Transferfrom Pastoral alc for ho￿SIng Costs
Parsonage Houses Fund to Pastoral Account
From General Fund to Netzero Property Fund
From General Fund to Sustainabillty Fund
154
219
11541
12191
269
12691
12501
13201
250
320
Net transfers between fuTh15
11971
570
11041
12691
23. TANGIBLE FIXED ASSETS
Consolidated
Freehold
Land and
Building5
£'ooo
Parsonages
Houses
Freehold
lrnprovernents
Furnlture and
Eqyiprnent
T￿al
£'ooo
£'OLX)
£'ooo
Cost orvaluatK)n
At ihl J3nuary 2023
Additions
Transfers
Disp05als
Revaluations
8,105
758
32,852
136
13
256
41,349
859
11721
14801
1621
17671
At 31* December 2023
8,691
32,372
87
291
41,441
DepreciatiOD
At 1st January 2023
Disposals
Depreclatlon for the year
94
1601
170
264
11131
49
40
At 31st December 2023
43
157
200
Net B¢)okValue:
At 31&t December 2023
8.691
32,3T2
44
134
41,241
At31X D¢￿Mb￿r 2022
8.105
32,852
42
86
41.085
49

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTESTO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
23. TANGIBLE FIXED ASS￿5 (continued)
Company
Freehold
Land and
Bulldin85
£'ooo
P¥rsono8eS
HDuses
Freehold
Improvements
FurTrlture and
Equipment
Total
£'ooo
£'ooo
£'ooo
Cost or valuation
At 1st January 2023
Addltions
Transfers
Disposals
Revaluatlons
8,105
758
32,852
128
41,085
758
11721
1371
16891
Al 31* DeEernber 2023
8.691
32,372
91
41,154
Depreciation
At I"January 2023
D￿pOSa
Depreciation fortheyear
105
1371
105
1371
At 315¢ December 2023
75
75
Net Bookvalue:
At 31tt DeombÈr 2023
8,691
32,372
16
41,079
At 31Èt December 2022
8,105
32,852
23
40,980
All of the properties in the balano sheet are freehold and are vested in Carlisle DBF, ex￿pt for benefice
house5 which are vested in the incumbent. Land and buildings at 31 December 2023 are valued at fair value as
deemed cost as at 1st January 2014 or subsequent cost. Propertie5 are sublect to a five-year cycle of survey
3nd consequent repairs are charged as expenditure.
50

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTE5 TO THE FINANCIAL 5TATEMEwrs
For the year ended 31 December 2023
Z4.
NVESTMENTS
FIXED ASSET INVESTMENTS
Cony)Ildated and Companv
Value at
l#January
2023
E'OOO
Additions
Dlsposats
Transfers
Change In
Market
Value
£'ooo
Value at 31Ji
December
2023
É'ooo
£'ooo
un￿strIcted Funds
Investment in jolnt ventures
CBF Investment Fund
879
i.oii
1751
95
1,106
1,890
20
1,910
Designated Funds
C8F Investment Fund
L,894
178
2.072
1,894
178
1072
Restricted Funds
Investment properties
CBF Property Fund
C8F InvÈstment Fund
2,455
3,830
8,279
2,455
3,595
9.056
12351
777
14,564
542
15,106
Endowment Funds
Inve5trnent propertie5
Hydroelectilc Schemes
CBF Property Fund
CBF Investment Fund
9.685
876
2,012
11,073
12,2451
7,440
798
2,340
12.116
1781
11471
1,043
475
23,646
475
12,2451
818
22.694
Total
41,994
475
12,2451
J,558
41.782
Total Hlstorrcal Co
21,565
475
18281
1951
21,117
SOCIAL INVESTMENTS
Cortsolldated and Comparry
Value al
lit January
2023
New loan5
Repald
Transfers
Adiustrnent
on
ValuÈ at 31tt
Decernber
settlement
2023
£'ooo
Unrestrltted Fund5
Loans to parishes
Loan to Emrnanuel College
20
io
1181
io
30
1181
13
TOTAL INVESTMETrirs
Total Con501¢dated
Investments
42,024
476
12,2631
1,558
41,795

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TOTHE FINANCIAL STATEMENTS
For the year ended 31 December 2023
24.
INVESTMENTS (continued)
The social investments of Carlisle DBF consist of concessionary loans made to parishes and
Emmanuel College. for charitable purposes.
All the investments relate to the Company. The Company also has an investment- book value £nil
12022 £rbill- original cost £250.10012022= £250,100) in Rydal Hall Limited.
25.
DEBTORS
Consglldated
2023
2022
£'ooo
£'ODO
Company
2023
£'ooo
2022
£'ooo
Due within one year
Unrestricted funds
Trade debtor5
IrEter fund balance5
Other debtors
82
1,860
82
58
1,804
82
1.$60
82
58
2.024
1,946
2,024
1,546
Deslgnated funds
Trade debtor5
Inter fund balances
Other debtors
759
32
350
53
759
350
791
407
759
35r)
Re5trirted funds
Schotsl debtors
IntÈr fund b81ances
457
354
457
354
674
674.
811
1,422
811
1,422
EndDwment Fyrtds
Interfund balances
Other Debtors
394
442
394
442
836
836
Total debtors due wlthin one year
4.462
3.781
4A30
8.724
52

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENT5
For the year ended 31 December.2023
26. DEPOSITS
Consolidated
2023
21)22
£'ooo
£'ooo
Company
2023
£'ooo
2022
£'ooo
Unrestrirtedfvnd$
CBF Deposit Fund5
305
39
305
39
Deslgnated funds
CBF Deposlt Funds
186
222
89
30
Restrtrtedfunds
C8F Deposlt Funds
Deposits wth church ComMiss￿ne[S
2,a24
220
1,454
73
2,024
220
1.454
73
2,244
1,527
2.244
1.527
Éndowmentfunds
CBF Deptsslt Funds
902
123
902
123
Total depostts
3,637
1.911
3,540
1,719
27.
CREDITORS: amounts falling due within one year
Consolhlated
2023
Yooo
Companv
2022
£'ooo
1023
eooo
2022
Uhrestri¢ted fvnd$
Sundry creditor5 and arcruals
IDterfund b313ncÈs
Loan repayrnent Instalments..
CeThtra5 Board of Finance
Cumberland Bulldln8 Sodety
1.033
1,506
1,263
1,030
1,263
1.030
1,506
i￿)
Ic
50
10)
loo
50
2,639
2,443
2,639
2,443
Deswnated funds
Trade credllors
20
187
28
237
Sundry credltor5and accruals
207
265
Re5trictedlunds
Inter fund bal3nce5
sundry crediiors and accruals
L801
1,5B7
1,143
1,756
1,801
1,587
L143
1.756
3,388
1899
3,388
Endowment funds
Interfund balances
59
661
59
661
59
661
59
661
Totsi cred￿0T$ failln8duewlthlnoneyear
6.293
6,268
6.W3
53

CARLISLE DIOCESAN BOARD OF FINANCE LIMIYED
NOTES TO THE FINANCIAL sfATEMENTS
For the year ended 31 December 2023
27.
CREDITORS: amounts falllng due within one year (Continued)
Within unrestricted sundry creditors and accruals, there is £444,82012022 - £404,771) deferred
income. The one material balance of £330,000 has been deferred as proceeds from the sale of a
school building require government approval before they can be retained by the charity.
28.
CREDITORS: amountsfalllng due after more than one year
Con501idated
2023
É'ooo
Companv
2023
£'ooo
2022
É'ooo
2022
£'ooo
Unrestrlcted funds
Lo3n repayment Instalments..
Central Board ol Finance
loo
loo
loo
loo
Total credltoys falllng due after one year
IOD
loo
£1 million was borrowed from the Central Board of Finance Deposit Fund Dlocesan Loan Scheme in
2014 in order to finance the investment in Rydal Hydro Limited. It is repayable in equal annual
instalments of £IOO.000 over ten years with interest charged at 0.55% above the CBF Deposit Fund
rate Icurrently 5.80%).
The loan from the Cumberland Building Society (note 27 & 281 was held on behalf of parishes. The
loan was a rolling facility with up to £500,000 available. Interest was charged at 1.99% below the
Society's commercial variable base rate. The loan was secured on Rydal Hall and was due for
renewal in December 2023. The loan wa5 repaid in full in 2023 and the charge on Rydal Hall was
leased.
The maturity of the loans is analysed as follows..
2023
£'ooo
20ZZ
£'ooo
Between L)ne and two year5
Between two and five year5
In five years or more
loo
loo
54

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
29. SUMMARY OF FUND MOVEMENTS
Unrestrirted Fund5- 2023
Balan￿ at
irtjanuary
2023
£'oDo
Balance 3111
December
2023
£'ooo
Gain5 and
1055es
Income
Expendfture
Transfers
£,￿0
£'ooo
£'OOD
Geneial funds
ReallsÈd roserve
Revaluation rÈseNe
L655
511
7,362
17,2561
11971
1,564
531
20
2.166
7,362
17,2561
11971
20
2,095
Des¥nated Fund5
Diocesan Growth Fund
Resources Centre
Rydal Hall
5ustalnabllity Fund
Net Zero Property Fund
Resto
1,973
1541
178
2,161
loo
199
1401
1351
1361
150
145
250
25
210
309
214
25
Total Cornpany Desigfiated
2,273
11651
570
178
2,920
Restore Icumbrlal
Rydal Hall Limited
93
24
327
1,259
13201
11,3241
100
1411
Total Group Deslgnated
Funds
2,390
1,650
11,8091
570
178
2,979
Total Group Unrestricted
Funds
4.556
9,012
19,0651
373
198
5,074
55

CARLISLE DIOCESAN BOARD OF FINANCE UMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
Unrestrlcted Funds-2022
Balance 315t
December
Z022
£'OOD
istJanuHry
2022
£'ooo
Goins and
1055es
Income
Empendlture
£'oTr)
Transfer5
£,￿]0
£'ooo
General funds
Realised reserve
Revaluation ￿SerVe
1,680
6(K)
7,101
17.3941
215
53
1891
1,655
511
2,280
7.101
17,3941
215
1361
2,166
DeS￿nated Fund5
Diocesan Growth Fund
Resources Centre
2,196
60
1361
12501
1.973
loo
loo
199
Suttainability Fund
Restore
275
77
1761
1771
Total Cornpany Designated
2.549
so
11891
103
12501
2,273
Cumbria Christian LearninE
Restore (Cumbrial
Rydal Hall Lifflited
15
203
315
1,281
12371
11,4071
93
24
1531
Total Group Designated
Funds
2.767
1.656
11,8331
50
12501
2,390
Tolal fjroup Unrestricted
Funds
5,047
8,757
19,2271
265
12861
4,556
The Dlocesan Growth Fund was created from a legacy from the late Miss A F Hope. It has been
supplemented from the Mission Development grants from the Church Commissioners and transfers
from Gerberal Fund5. The Fund is used to support the establishment of youth congregations and help
parishes and deaneries initiate new work designed to achieve church growth.
The Rydal Hall Fund represents the balance of Carlisle DBF'S investment in the subsidiary company,
Rydal Hall Limited.
The Net Zero Property Fund has been created in 2023, to build a fund to help finance the work
required to reduce the carbon emissions in property owned by the DBF. in line with the Church of
England's '2030 Net Zero, target.
The Restore Icumbrial Fund represents the investment in the network of local shops through which
this subsidiary charity, and local churches, provide community support and outreach for the local
communities.
The Sustainability Fund was created to build a fund towards the expenditure likely to be required in
future years to fund changes to bring about more SLJStainable models of mission and ministry across
the Diocese.
56

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
Restrirted Income Funds- 2023
Balan
Hti
JaThuary
2023
£'ooo
Balance 311t
Detember
2023
Gains and
losses
Income
Expenditure
Transfers
£'ooo
£'ooo
£'ooo
Barchester Fund
Stlpends Income Fund
Pastoral Account
Diocesan Houses Fund
Parish Property Fund
Retlred Clergy & Dependants
Income Fund
Church Comtni55ioner5 Funds
Other Restricted Income
Funds
7,240
60
6,334
8,065
417
241
1631
11541
351
7,615
60
6,672
8,081
413
369
16
14
11931
48
114
1641
44
181
229
59
217
1451
14361
io
452
86
33
509
Tthal Group Restrlcted Income
Funds
22,789
I,tK>2
18G31
11041
542
23,366
Restricted Inwme Funds- 2022
Balance at
Iitjanuary
2022
£'OQD
Balan￿ 31*
Oecember
202Z
£'ooo
Galns and
losses
£'ooo
Income
£'ODO
Expenditure
£'ooo
Transfers
Barchester Fund
Stipend5 Incorne Fund
Pastoral Account
Diocesan Houses Fund
Parlsh Pro￿nY Fund
Retired Clergy &
Depend3nt5 Income Fund
Sundry Appeal Funds
Other RestrlctÈd IncoTh
Funds
7,821
60
5.786
8,736
463
252
1401
12091
15841
7,240
60
6,334
8,065
4J7
271
340
13
1.103
11,0411
17701
42
1591
1121
li
59
296
181
229
461
146
11071
1441
452
Total Group Restrirted
Income Fund5
23,338
1.377
13601
lJ511
11,4151
22.789
The Barchester Fund comprises closed schools and school houses and their sale proceed5. These are
held by the DBF and administered by the Diocesan Board of Education to support religious education
and the work of Church schools in the Diotese. School Funds, of which Carlisle DBF is Custodian
Trustee, are not included within the Barchester Fund as the DBF receives no benefit from these
funds.
The Stipends Income Fund is govemed by the Diocesan Stlpends Measure 1953, as subsequently
amended, and is used to augment the clergy stipends. Its income comes from glebe and other
Stipends Capital Account investments, asslgned fees and the Church Commissioners. The income Is
included in the DBF'S General Funds in accordance with the stated accounting policy where it
contribute5 towards the total cost of stipends which are paid from General Fund5.
57

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 310ecember 2023
The Diocesan Pastoral Account receives the sale proceeds of Churches and Parsonages which have
become redundant under pastoral reorganisation. Its uses are governed by Section 94 of the
Pastoral Measure 2011, and include grants and loans for Parsonage and Church provision,
restoration. improvement or repair 2nd other purposes of the Diocese or any benefice or parish.
The reserves are represented by investments with the Central Board of Finance and by loans to
parishes. These assets are included under the appropriate headings in the DBF'S Balance Sheet.
The Diocesan Houses Fund consists of th05e propertie5 Ill the legal ownership of Carlisle DBF las
distinct from benefice houses) other than investment properties. The purchase of such properties is
funded primarily from the Pastoral Account.
The Parish Property Fund Iformerly Diocesan Loan Fund) is used to provide loan5 and grants to
parishes for improvements and repairs to churches and other parish property.
The Church.Commlssloners Funds relate to grant funding from the National Church, restricted for
specific projects.
Endowment Funds- 2023
Balance at
1st January
Balance 31#
December
2023
Galns and
ID55es
2023
£'OOD
Incorn&
ExpÈndlture
£'ooo
Tran5fer5
£'fJJO
£'ooo
£'ooD
Permanent Endowment
Funds
Stipends Capltal Fund
Education
PWM World Mission
Readers Board
General
21.611
41
94
1591
714
22,360
45
70
126
118
21,844
1591
716
22,595
Expendable Endowment
Fund5
Parsonages Houses Fund
Retired Cleriy &
Dependants Fund
32.943
433
12401
12691
32,867
1,324
104
1,428
34.267
433
12401
12691
104
34,295
Ttstal Group Endowment
Fund5
56,111
527
12991
12691
820
56,890
58

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMEMtS
For the year ended 31 December 2023
Endowment Funds-20ZZ
Balance at
istrjanuary
Balan¢E 31Jt
December
2022
Galns and
losses
2022
Income
£'ooo
Expendi￿re
E'ooo
Trar￿leY$
£'ooo
Permanent Endowmeni
Funds
stipends Capitsl Fund
Education
PWM World Missic*n
Readers Bcard
General
22,800
47
73
186
148
11,5231
21,611
41
143
1171
126
23.065
186
148
11.5551
21,844
Expendable Endowment
Fufids
Parsonages Houses Fund
Retired Clergy &
Dependants Fund
33.177
28
12621
32.943
1,478.
11541
1,324
34,655
28
12621
11541
34,267
Total Grwp Endowment
Fund5
57.720
214
11141
11,7091
56,111
The Pemianent Endowment Funds are held where the DBF ha5 no power to convert the capital into
income. The capital 15 invested and the income used for the purposes as indicated.
The Diocesan Stipends Fund Capital Account is governed by Section 38 of the Church Property
Measure 2018. It consists of investments with the Central Board of Finance and glebe properties
and is held to produce income for clergy stipends. These assets are included under the appropriate
headings in the DBF'5 Balance Sheet.
The Parsonages Houses Fund represents those houses which are benefice property, vested in the
incumbent5. Carli51e DBF nevertheless has financial responsibility for parsonages and they have
been included in the Balance Sheet valued at deemed cost based on valuations at 31 December
2013.
The Retired Clergy and Dependants Fund provides for the relief of poverty by a5SlSting retired clergv.
licensed lay workers or deserted spouses of clergy who reside or served in the Diocese, and their
dependants.
59

CARLISLE DIOCESAN BOARD OF FINANCE UMITED
NOTESTO THE FINANCIAL" STATEMENTS
FDr the year ended 31 December 2023
30.
SUMMARY OF ASSEfs BY FUND
Cgmpab)y
Fixed Assets
Tangible
Investrnents
Net Current
Assets
£'ooo
Ilabilltles
after I year
£'o
Nei Assets
2023
Net Asset5
2022
£'ooo
Unre5trirted Funds
General Funds
16
1,923
156
2,095
2,166
DeslBnated Fund$
Diocesan Growth Fund
Resource5 Centre
Rydal Hall
Sustainablllty Fund
et Zero Property Fund
Re5tor2
2,072
89
2.161
1,973
210
309
214
25
210
309
214
25
loo
199
2.072
848
2,920
2.273
Restrirted Fund5
Barchester Fund
stlpends Income Fund
Pastoral Account
Diocesan Houses Fund
Parish Property Fund
RÈtlred Clergy Incorne
Church Commlssloners
Other Funds
.7,411
204
60
639
11,2151
1941
7,615
60
6,672
8,081
413
7.240
60
6,334
8.065
417
6,033
750
507
23
8,$46
io
127
io
509
229
452
382
8,546
15,106
12861
23,366
22,789
Permanent Endowment
Funds
Stipends Qpital Fund
Education
PWM World Misslon
Readers Board
General
21.191
45
70
1,169
22,360
45
70
21.611
41
64
118
118
126
21,426
1,169
22.595
21.844
Expendable Endowment
Funds
Parsonages Houses Fund
Retired Clergy &
Dependènts Fund
32,372
495
32,867
32,943
145
1,268
15
1.428
1.324
32,517
1,268
510
34,295
34,267
Total EndowmÈnt Funds
32,517
22,694
1.679
56.890
56,111
Total Company Funds
1,079
41,795
2.397
85.271
83.339
Unrestrlcted Funds
Restore
Rydal Hall Ltd
20
142
80
1831
100
1411
93
24
T¢xal Consolldated Funds
41.241
41,795
2,294
85,330
83,456
60

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTESTO THE FINANCIAL STATEMENTS
For the year ended 31 Decèmber 2023
31.
PENSIONS
The DBF participates in two pensiork schemes administered by the Church of England Pensions Board,
which holds the assets of the schemes separately from those of the DBF and the other partScipating
employers. One of these is the Church of England Funded Pensions Scheme for stipendiary clergy. The
other is the Church Workers Pension Fund. 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 sertion known as Pension Builder 2014.
These schemes are multi-employer last man standing defined benefit pension schemes for which the
DBF is unable to identify its share of the underlying assets and liabilities as each employer is exposed to
artuarial risks 2ssoci3ted with the current and ft)rmer employees of other entitie5 participating is) the
scheme. For multi-employer schemes where thi5 15 the case, paragraph 28.11 of FRS102 requires the
DBF to account for pension costs on the basis of contributions actually payable to the scheme in the
year and, where contributions are affected by a surplus or deficit in the scheme, to disclose
information about the surplus or deficit and the implications of the surplus or deficit for the DBF. A
valuation of each scheme is carried out once every three year5.
Church of England Funded Pension Scheme
With effect from l January 1998, diocesan clergy became members of the Church of England Funded
Pensions Scheme. This defined benefit scheme provides benefits based on the National MlniTnum
Stipend in the year before their date of retirement and provides for that part of the benefit that relates
to pensionable seNice after l January 1998. Benefits are currently being accrued on the basis of half
of the National Minimum Stipend INMSI being paid as the normal pension on reaching the age of 68
on completion of maximum service of 41.5 years, or 1.25 times this amount for archdeacons, plus a
lump sum of three times the pension based on the previous yearfs NMS payable from the scheme.
Pensions in respert of pensionable service before l January 1998 will be provided for by the Church
Commissioners under the previous arrangements.
At the end of the year the DBF was paying contributions for 84 members of the scheme out of a total
membership of approximately 8,500 active members. Each participating employer in the scheme pays
contributions at a common contribution rate applied to the previous yearfs National Minimum
Stipend. As this is a multi-employer scheme and it is not possible to attribute the scheme's assets and
liabilities to specific employers, the scheme pension costs are accounted for as if the scheme were a
defined contribtjtion scherne and the pension cost charged to the Statement of Financial Activities Is
the contributions payable for the year towards benefits earned in that year plus the impact of any
deficit contributions (see below).
The m05t recent scheme valuation completed was carried out at as 31 December 2021. The 2021
valuation revealed a surplus of £560 million, based on 3Sset5 of £2,720 million and a funding target of
£2,160 million, assessed using the following assumptions..
An average discount rate of 2.7% p.a..
RPI inflation of 3.6% p.a. land pension increases consistent with thisl-
CPIH inflation in line with RPI less 0.8% pre 2030 moving to RPI with no adjustment from 2030
onwards;
Increase in pensionable stipends in line with CPIH.
Mortality in accordance with 90% of the S3NA VL tables, with allowance for improvements in
mortality rates in line with the CM12020 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% p.a. and an allowance for 2020 data of 0% {ie w2020 - 0%)
61

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 Dècember 2023
Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect
from l Jarkuary 2023, since the Scheme was fully fijnded.
The deficit recovery contributions under the recovery plan in force at each 31 December were as
follows..
% of pensionable stipends
7.1% payable from January 2021 to December 2022
31 December 2021
31 December 2022
31 December 2023
Section 28.IIA of FRS 102 requires agreed deficit recovery payments to be recognised as a liability-
However, as there are no agreed deficit recovery payments from l January 2023 onwards, the
balance sheet liability as at 31 December 2022 15 nil. The movement in the balance sheet liability
over 2022 and over 2023 is set out in the table below.
A reconciliation of the balance sheet liability.
2023
£'ooo
2022
rooo
Balance sheet liability as at l January
Deficlt contrlbution pald
Interest cost Irecognised in the SOFA)
Re-mea5urement of the balance sheet liability
148
1871
1611
Balance sheet liability as at 31 December
This liability represents the present value of the deficit contributions agreed as at the accounting
date and has been valued using the following assumptions. No assumptions are needed for
De￿mber 2023 as there are no agreed deficit recovery payments going forward. No price inflation
assumption was needed for December 2022 since pensionable stipends for the remainder of the
recovery plan were already known.
De￿rnbel
2023
Oecember
2022
December
2021
Discount Rate
nla
nla
0.0% pa
nla
Price Inflation
nla
nla
Increase to total pensionable salary
n/a
-1.5% pa
The legal structure of the scheme 15 such that if another Responsible Body fails, Carlisle DBF could
become responsible for paying a share of that falled Responsible Bodls pension liabilities.
62

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
Church Workers Penslon Fund- Defined Benefits Scheme
The Defined Benefits Scheme I"DB5'1 section of the church Workers Pension Fund provide5 benefits
for lay staff based on final pensionable salaries. At 31 December 2023, the DBF has l active member.
13 deferred and 31 pensioner members in the scheme.
It is not possible to attribute the scheme's assets and liabllltles to specrfic employers, since each
employer, thrDugh the Life Risk Pool, is exposed to actuarial risks associated with the current and
former employees of other entities participating in the DBS. In such cases FR5102 requires the scheme
pension costs to be accounted for as if the scheme were a defined contribution scheme and the
pension cost charged to the Statement of Financial Activities is the contributions payable for the year
towards benefit5 earned in that year1£43,QM)O over 2023 compared to £49,000 over 20221 plus the
impact of any deficit contributions (see belowl.
For funding purposes. the DBS 15 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-retlrement Investment returns.
The division of the DBS into sub-poo15 is notional and is for the purpose of calculating ongoing
contributions. They do not alter the fact that the assets of the D8S 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. If, follgwing an actuarial valuation of the Life Risk Pool, there is a surplus or deficit in
the pool and the Actuary so recommends, further transfers may be made from the Life Risk Pool to
the employers, sub-poo15. or vice versa. The amounts to be transferred land their allocation between
the 5ub-poolsl will be settled by the Church of England Pensions Board on the advice of the Actuary.
A valuation of the DBS is carried out once every three years, the most recent having been carried out
a5 at 31 December 2022. The overall surplus in the DBS was £73.6m.
Following the valuation. the DBF has entered into an agreernent with the Church Workers Pension
Fund to a contribution rate of 37.9Yo of pensionable Salaries.
2023
rooo
2022
£'ooo
Balance Sheet liability as at l January
Contributions paid
Interest cost IrecoBnised in the SOFA)
Re-measurement of the balance sheet Ilabillty
Balance sheet liability as at 31 December
A consultation 15 currerbtly underway with a view to employers (mainly Diocesan Boards of Finance)
to discontinue this pension scheme with a buy-out and active members having their pension
provision changed. This is likely to result in some level of surplus being released that could fund a
pensions contribution holiday in the future, but values are unknown until the consultation is
completed and any buy-out finalised.
63

CARLISLE DIOCESAN BOARD OF FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
32.
CAPITAL COMMITMENTS
Group expenditure contracted for but not Provided on the financial statements was £12,000 Icharlty.. £nlll
12022.. £25,000- Charily £nill.
RELATED PARTY TRANSACTIONS
Details of transactions with the main related parties of Carlisle OBF are given in the appropriate notes to the
financial statements.
Archblshops. Council and the Chur¢h Commlssloners
As detailed in note 2 Carllsle DBF received grants from the Archbishops, Council totallin8 £1,235.00012022'.
£1,366,000). £49,Th)012022.. £35,0001 was received from the ChurEh Commissioners fcFr rent Df thè Bishop's
House. Payments were made to Ehe Archbishops, Council for contributions to the National Church and for
training of Ordinands totalling £514,00012022: £527.(M)ol. Payments of £2,486,00012022.. £2.432.0001 were
rnade tg the Church Cijmmissioners ft)r clergy stipends and the Church of England Penslons Board was paid
£545,00012022.. £770,0001 for clergy pension5. £52,00012022.. £61,OWI of clergy pensions wa5 Outstanding at
the year end. Furiher payments were made to the Pensions Board for lay pensions of £320,000 12022..
£297,000). The balance due to the Pensions Board at the year-end for Decemberfs contributions was £21,000
12022.. £29.0001.
Rydal Hall Ltd lsee note
During the year Carllsle DBF Involced Rydal Hall Ltd £nil12022'. £45.0001 for rent and £nil12022.. £8,0001 for
management seNices. Carlisle DBF rnade grants of E43.000 to Rydal Hall Ltd in 2022 IEnS11 in support of new
accommodation investment and it5 501ar panel project.
At the year-end Rydal Hall Ltd owed £.175,00012022'. £137,000? for outstsnding staff salarips and expenses.
Rydal Hydro Ltd Isee note 161
Rent of E24.00012022'. £36,0001 and divldends of £175.00012022: £119,000) were received frorn Rydal Hydro
Ltd.
Scandale Hydro Ltd
Dividends of £187.00012022.' £135,￿0) were received from Scandale Hydro Ltd, of which Carlisle DBF owns
one-third of thè shares.
Cumbrla Chrlstian Learning Limited
Cumbria Chr15tlan Learning has been dormant since l January 2022 and no trarb5aCtion5 occurred nor year-end
balances exlsted at 31 December 2022 or 2021.
64

CARLISLE DIOCESAN BOARD OF FINANCE LIMITE
NOTES TO ThE FINANCIAL 5TATEMEwrs
For the year ended 31 December 2023
33.
RELATED PARTY TRANSACTIONS Icontlnuedl
Restore ICumbrlal- (see note 171
On l July 2020. the activities and net asset of OpShops- fomierly an activity carried out within the Carli51e DBF
were transferred for a consideration of £nil, into a previously dorFnant subsidiary charity- ntsw called Restore
Icumbrial.
In 2023, grants of £40.0(M)12022= 77,0001 were made from the Carlisle DBF to Restore.
At the year-end, Restore owed £S,00012022'. E25.0001 to Carlisle DBF for outstandlng expenses paid on thelr
behalf.
DBE Services Ltd
Carlisle DBF received gift aid distributions from OBE Services Iwhich isjointly owned bythe North West Di0￿Se$l
totalling £50.0￿12022, £10,0001.
65