REGISTERED COlPANy NUMBEIL. 03655641 (England and Wales) REGISTERED CHARITY NUMBER: 1075931 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR BANGOR DIOCESAN BOARD OF FINAf4CE BWRDD CYLLID ESGOBAETH BANGOR Esgobaeth Bangor The Diocese of Bangor The ChuTch in Wales 15 IQ i4- LLiilliomsdenlon
BANGOR DIOCESAN BOARD OF Fif4ANCE BWRDD CYLLID ESGOBAETH BANGOR CONTENTS OF THE FINANCIAL STATEMEf+rrs FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trustees Report of the Independent Auditors Statement of FinAn¢iAI Activities Balance Sheet 10 Cash Flow Statement Notes to the Cash Floiv StAttment 12 Note$ to the Financial Statements 13 to 26 Detailed Statement of Financial Activities 27 to 28
BANGOR DIOCESAN BOARD-OF FINAIYCE BWRDD CYLLID ESGOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The tru5tC¢s who are also directors of the charity for the purposes of the Companies Aci 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and R¢porting by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial R¢porting Standard applicable in the UK and Republic of Ir¢land {FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITJES Objeetives The charity's objectives arc to promote and assist the work and purposes of the Church in Wales in the Diocesc of Bangor. The Diocese of Bangor is ¢ommirted to three visionary principles.. worshipping God. growing the Church. and loving the world. These PTincipl¢s describe the diocese's deepest hopes and ambitions, expressing the pern)anent ess¢nce of our common lif¢. Assessing th¢ dio¢¢s¢ today through the l¢ns of thes¢ long-terni principl¢s, Ihrec urgent and clear priorilies have also been identified.. nurturing dis¢ipl¢s; growing new ministries. and welcoming children, young people and farnilies. These priorities describe vitsl areas of contemporary focus. In order lo make manifest Ihc5e principles and to meet these priorities, the diocese has eommitted lo planning in Ihree key areas.. mission. property; and finance. Planning in these Ihree areas by ¢ach of Ihc diocese's Ministy Areas will enable cach Ministry Area lo demonstrate in practical ways th¢ m¢aning of the prtncipl¢s and priorities within their common lif¢. Three plarforn)s (Ministry Areas.. archdeaconTies' and r¢-shaped diocesan structur¢s) now enable the dioces¢ to plan rneaningful, and lo bring Its principles and priorities truly to life. Significant activitiej The charity sels the quinquennial diocesan budget, r¢¢¢iv¢s th¢ annual grant from the Representative Body of the Church in Wales, and oversees the collection of the Bishop's Ministy Fund (conlribulions from churches towards diocesan expenditure on ministry). The charity employs the staff team that forni rim Deiniol, based Al Ty Deiniol in Bangor and elsewhere in the dioc¢se. Pmblle beneflt The INslees have paid due regard lo the Charity Commission's guidance on public benefit in deciding the activities undertak¢n durin8 the year. Th¢ Irust¢es are salisfied that the infonnation provided in the report and accounts meets the public b¢n¢fit reporting requirements. ACHIEVEMENT AND PERFORMANCE Cbarit2ble Activilies The main Ihrnst of the charity's activities continues to focus on the provision of ordained leadership for Ihe church¢s of the diocese. and appropriate support for these leaders, esp¢¢ially in the fields of property and fu)ance. The charity has also continued io seek to align its resources to the diocesan principles, including by continuing to invest in nurturing vocations, professional skills. colleagueship and collegiality. Investment performanee The value of the charity's investm¢nts increased during th¢ y¢ar, reflecting the upturn in the Stock Market. Intern] and externAI fActor$ The overall numb¢r of p¢ople attending churches in the diocese has remained static, although wilhin th¢ context of long-temi downward trend. However, an upward trend in the number of families involved in the life of local churches, as w¢ll as in the number of Ihose attending acts of worship on days other than Sunday, has conlinued. FINANCIAL REVIEW Financial position Durlng the year both the Restricted and Unrestricted Funds have increased The restricted elemenl has increased from £1,527,870 in December 2022 to £1,651.093 as at December 2023. The Unr¢strict¢d Reserves have increased from £5.320,702 to £5,806.663 in the same period. Page I
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW Principal funding souree$ Th¢ principal ndIng source 15 income from the Bishop's Ministy Fund. The Bishop's Ministy Fund system replaced th¢ Parish Share system in 2015, and contributions from Ministry Areas towards the Bishop's Ministry Fund in each subsequent year have been consistently strong. That said. Ihe broad-based and lon8er-tern] impact of the pandemic on aspects of the financial sustsinability of Ministy Areas has still fully to be understood. Moreover, thc reliance in some cont¢xts upon the use of invested funds to meet Bishop's Ministy Fund commitments continues lo cause concern. The trustees acknowledge with thanksgivin8 the g¢nerosity and stewardship thal allow funds to be made available to meet Ihe cost of ministry, but are also committed to offeTing greaieT SUPPOrt lo addTess issues of financial sustainability, and to budgeting with sensitivity and r¢alism for the coming dttade, mindful of the balance between fixed costs and more flexible compon¢nls of expenditure. A secondary funding source is the annual grant from the Representative Body of Ihe Church in Wal¢s. Th¢ trustees have received confirn)alion from the Representative Body of the Church in Wales of the Partnership and Structural Resilience Funding Agreemenl for 2024 and Iheir funding commitments for futur¢ y¢ars. Investment poll¢y and objectives The truslces seek a level of investment ineomc that is able io support a range of important charitable activities at a time of changc, recognising that achieving such A level of income may, in the case of some investments, pose some challenges to the secondary goal of maintaining capital value. The trnstees work with their investment managers to assess Ihe eihical dimensions of their inv¢5tm¢nl portfolio. priorilising the us¢ of sh8r¢hold¢r ri8hts to achieve Ihe advancement of a progressive ethical agenda through the investhient portfolio. Reserves polity The trustees, objective is to maintain an opcralional res¢rve of approximately 3 months, expenditurc, 81ongside an expendable ¢ndowmenl geared to provide investment income thal is able to support a range of important charitabl¢ activities. FUTURE PLANS The trustees will continue to focus iheir resources on activities that support the diocese's clearly articulated principles, plans and platfornis, recognising that stability in lernis of the overall framework is significant at a time of major change and challenge for Ministry Areas and Congregaiions. However, the trustees will also engage in proactive activity lo support new programm¢s that enhance the support offered for the diocese's principles and priorities. These twin aspects of supporting d¢eply rooled. inherited components of diocesan life and supporting new pioneering and chaplaincy ventures, and supporting bolh aspects through coal-face staffmg and infraslruclure support, form the framework for the charity's budgeting. STRUCTURE, GOVERNANCE AIYD MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limit¢d by 8uarantee. as defined by the Compani¢s Act 2006. Recrultment of new Irustees In addition to ex-officio trustees. new trustees are recruited lo maintsin a balance of skills and experience, as well as an appropriat¢ represeniation of ordained and lay representatives. Organlsa¢iong1 Structure The Board of Trnstees generally has between twelve and fourt¢tn members. The trustees meet on average four times a year Io Teview progress and to plan for the future. The trustees are a150 members of the Diocesan Conference Standing Committee, and reflect on th¢ Standin8 Committees business at the beginning of each of their meetings. Decislon making The decision-making role of the trustees in supported by preparatory work by rim Deiniol and the Bishop's Council. and by conferring within archidiaconal Synods and the Cadfan Group of licensed clergy. The alignment in membership between th¢ trustees and the membership of the Diocesan Conference Standing Committee also ensures that decisions boul the use of TC50urces are fully infonned by the Standing Committee's oversight of broad stralegic consid¢rations. Page 2
BANGOR DIOCESAN BOARD"OF"FINANCE BWRDD CYLLID ESGOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNATr4CE AND MANAGEMENT IDdu¢tion and trllning of new trustees N¢w trustees are inducted ihrough a s¢ri¢s of meetings with the Tim Deiniol, th¢ Bishop's Council and the Auditors. Trustee5 are briefed on new charity law d¢velopm¢nts as they arise, and are given updates on the current issues facing the charity during their regular meelings. Key management remuneration Rcmuneration of the charity's key management personnel is located within the context of the remuneration structure of rim Deiniol more broadly, and with reference both to the remuneration arrangements for ihe clerical leadership of th¢ diocese and the pay sttvcthre of the Representative Body of the Church in Wales. Wlder network The charity SUPPOrts the life and witness of the Diocese of Bangor, led by th¢ Bishop of Bangor and gov¢rncd by the Bishop in collaboration with the Diocesan Conference. The Dioc¢s¢ of Bangor is one of six dioceses of the Church in Wales. Given th¢ charity's rol¢ in organising and providing funds for the Diocese of Bangor, it works closely with the Repres¢ntalivc Body of th¢ Church in Wales. The Representitive Body holds assets in trust on behalf of the archbishop, bishops, clergy and laity of the Church in Wales currently some 1,500 churches, 650 parsonage houses and £370 million of investments. Relited pxrtlej Due to th¢ nature of Ihc charity's operations and Ihe cornposition of the Board of Trustees it is inevitable that Iransaclions will lake place with organisations in which a member may hav¢ an interest. All transactions involving organisations in which a Irustee may have an interest are conducted at anns l¢ngth. The charity has a policy that all trusiees musl declare an interest if a related party transaction occurs. Rlsk manigement Th¢ trustees have a dury to identify and review the risks to which the charity is exposed and ensure appropriate controls are in place to provide reasonable assurance against fraud and ¢rror. REFERENCE AND ADMINISTRATIVE DETAILS R¢gl$tered Company number 03655641 (England and Wales) Registered Charity number 1075931 Registered office Ty Deiniol Cathedral Close Bangor Gwynedd LL57 IRL Pag¢ 3
BANCOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESCOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees The Most Reverend A T G John The Venerable A C Jones (resigned 24.2.23) Mrs E W Owen The Reverend Canon E C Williams Mr G Howard (resigned 20.7.23) The Reverend R S Wood (resigned 2.3.23) Mrs S D Ward Dr H J P8ry-Smith The Rt Revd M K R Stallard (resigned 18.4.23) The R¢vereDd M Be¢croft The V¢nerable J Harvey The Reverend Canon T J Jones The Venerable R W Townsend (appointed 1.7.23} The Venerable D A Parry (appointed 1.7.23) The Ri8hi Rcvcrcnd D T Morris (appoint¢d I1.5,24) Company Secretary Th¢ Reverend Canon S B Rhys Evans Audltors Williams Denton Cyf Chartered Certified Accountants Statutory Audiiors Glaslyn Ffordd y Parc Par¢ Menai Bangor Gwynedd LL57 4FE Advlseri Bankers: Lloyds Bank. 268 High Street, Bangor, Gwynedd LL57 IRT Investmenl Managers: CCLA. Senator House. 85 Queen Victoria Street, London EC4V 4ET STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees {who arc also the directors of Bangor Diocesan Board of Finan¢¢ Bwrdd Cyllid Esgobaeth Bangor for ihe purpos¢s of company law) are responsible for preparing the Report of ihe Trustees and the financial stat¢m¢nts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial R¢porting Standard 102 "Th¢ Financial R¢porting Siandard applicabl¢ in th¢ UK and Republic of Ireland" Company law requires the trustees lo prepare financial statements for each flnancial year which give a tru¢ and fair view of the state of affairs of the charilabl¢ company and of the incoming resources and application of resowces, including the income and eXpendIre, of the charitable company for that period. In preparing those financial stal¢m¢nts, the trustees are required lo select suitable accounting policies and iben apply them consistently. observe th¢ m¢thods and principl¢s in the Charity SORP. make judgemenls and estimates that are reasonable and prudent; prepare the financial statements on the going con¢em basis unless it is inappropriate to presum¢ that the charitable company will continue in business. Pag¢ 4
BANGOR DIOCESAN BOARD OF'Fll¥AI¥CE BWRDD CYLLID ESGOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STA TEMENT OF TRUSTEES, RESPONSIBILITIES- continued The trustees Are responsible for keeping proper accounting records which disclose with reasonable accuracy at any lime the financial position of the charitable company and to enabl¢ them to ensure thai the financial statement5 comply with th¢ Companies Act 2006. They are also responsible for safeguarding the assets of th¢ charitable company and h¢nc¢ for tsking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevanl audit infoTmation of which the charitable company's audiiors Are unaware; and the trustees havc taken all stCP5 that they ought to have taken to make themselves aware of any relevant audit infomiation and lo establish that the auditors are aware of that infonnation. AUDITORS Th¢ auditors, Williams Denton Cyf, will be proposed for re-appoinlmenl at the forth¢oming Annual General Meeiing. Approved by order of the board of tsustees on .. signed on its behalf by.. The Most Reverend A T G John - TTUSte¢ Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR Opinion Wc have audited the financial statements of Bangor Diocesan Board of Financ¢ Bwrdd Cyllid Esgoba¢th Bangor (the 'charitable company? for the year ended 31 December 2023 which comprise the Statement of Financial Aclivities, the Balance Sheet, the Cash Flow Stsiement and noles lo th¢ financial stat¢m¢nts, including a summary of significant accountin8 policies. The financial reporting framework that has been applied in their preparation is applicoble law and United Kingdom Accounting Standards (United Kingdom Generolly Accepted Accounting Practice), including Financial Reporting Standard 102 Th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial staiements.. giv¢ a true and fair view of Ihe state of th¢ charitsble company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted A¢¢ounlin8 Practice, including Financial Reportin8 Standard 102 'The Financial Reportin8 Standard applicable in the UK and Republic of Ireland,; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducied our audit in accordance with Inlernational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under Ih05e standards are further described in the Auditors, responsibilities for the audit of the rinancial stal¢m¢nts s¢¢tion of our reporl. We are independent of the charitabl¢ ¢ompany in accordance with ihe ethical requirements that are relevant to our audit of ihe financial siaiements in the UK, including the FRC'S Ethical Slandard, and we have fulfilled our other ethical Te5ponsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficicnl and appropriaie to provide a basis for our opinion. Conelusions rel*ting to going tonctrn In auditing the financial staiements, we have concluded that the trustees, use of the going concern basis of accounling in the preparation of the financial statements is appropriaie. Based on the work we have perforn]ed, we have not identified any mhleTial uncertainties relating to events or conditions that, individually or colleciively, may cast signifjcanl doubt on the chaTitsble company's ability to continue as a going concern for a period of 81 le&s¢ twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Informatlon The trustees are responsible for ihe other infomation. The other inforniation comprises the inforniation included in the Annual Report, other than the financial ststetnenls and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other inforniation and, except to the extent otherwise explicitly stsled in OUT report, we do not express any form of assurance conclusion thereon. In connection with our audit of th¢ financial slat¢m¢nts, our r¢5ponsibility is lo r¢ad th¢ other inforniation and, in doing so, consider whether the other infornjalion is maierially inconsistenl with the financial statements or our knowledge obtained in Ibe audit or otherwise appears lo be materially misstated. If we identify such material inconsist¢Dcies or apparent material misstatements, we are required to detennine whetheT this gives rise to a material misstatement in the financial slatem¢nts th¢mselves. If. based on the work we have perforn]ed, w¢ ¢on¢lud¢ thal there is a material rnisstatement of this other infornialion, we are required to report that fact. We have nothing to report ID this regard. Opinions on other matters prescribed by the Comp4nies Act 2006 In our opinion, based on th¢ work undertaken in the course of the audit.. the inforn]ation given in the Report of the Truslees for ihe financial year for which the financial statements ar¢ prepared is consistent with ihe financial statements. and the Report of the Trustees ha5 been prepared in accordan¢¢ with applicable legal Tequirements. Page 6
REPORT OF THE INDEPENDENT-AUDITOR'S-TO-THE"MEMBERS-OF BANGOR DIOCESAN BOARD OF FINAIYCE BWRDD CYLLID ESGOBAETH BANGOR Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and ils environm¢nt obtained in the course of the audit, we have not identified material misstat¢m¢nts in the Report of the Truste¢s. We have nothing to report in respect of Ihe following matters where the Companies Act 2006 r¢quiT¢S US to report to you if, in our opinion.. adequate accounting records have not be¢n kept OT returns adequate for our audit have not been received from branches not visited by us. or the fmancial statements are not in agreement with the accounting records and returns. or certain disclosures of truste¢s' remuneration specified by law ar¢ not made. or w¢ hav¢ not r¢¢¢tv¢d all ihe information and explanations w¢ r¢quire for our audit; or the trustees were not enlitled lo lake advantage of the small comphntes exemption from the r¢quir¢mcnl to prepare a Strategi¢ Report or in preparing the Report of the Trustees. ResponsibAlitles of trustees As explained more fully in th¢ Stat¢m¢nt of Trusiees, Responsibilities, the trustees (who are also the directors of the charilablc ¢ompany for the purpos¢s of company law) are responsibl¢ for the prepaTHlion of the financial statements and for being satisfied that they give a trne and fair view, and for such internal control as the trustees del¢miinc is nccessary to enable ihe preparation of fmancial statements that are free from material misslatemenl, whether due to fraud or eOr. In preparing the financial statements, the trustees are responsible for assessing the chariiable company's ability to continu¢ as a going concern, disclosing, as applicable, matters r¢lat¢d to going concern and using the going con¢em basis of accounting unles5 the trustec5 Clther intend lo liquidate the chaTltable company or to cease operations, or have no realisti¢ alternative but to do so. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR Our re$ponslbilltles for the audit of the financial statement$ Our objectives are to obtain reasonable assurance about wheth¢r the fmancial statements as a whole are free from material misstatement, whether due to fraud or ¢rror. and to issue a Report of the Independent Auditors Ihal includes our opinion. R¢asonable assurance is a high level of assurance, but is nol a guarantee thai an audil conducted in accordance with ISAS (UK) will always detect a material misstatement when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influ¢n¢e th¢ ¢¢onomi¢ d¢cisions of users taken on Ihe basis of these financial st8lemenls. The ¢xlent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. Based on our understanding of th¢ charitabl¢ Company and the environment in which it operaies, we considered the risk of acts by the charitsble company ihat were contrary to applicable laws and regulations, including fraud, and designed audit Procedures in response to this risk. We focuss¢d on laws and regulations which could give rise to a material misstatement in the financial statements, includin8, but not limited lo, Companies A¢1 2006 and Charities Acl 2011. Our tests included: enquiring wilh management of any known or Suspected irregularities, including fraud. evaluating th¢ ad¢quacy of inlernal controls designed io d¢tect or pr¢v¢nt 1c8Ularitlc8, including the risk of management ov¢rrid¢' agreeing the amounts and disclosur¢s in the finan¢i21 statements to underlying supporting documentation. testing journal entries lo identify unusual transaciions- And evaluating whether there was ¢viden¢¢ of management bias on kcy judgements and accounlin8 estimatcs. There are inherent limitations in the audit procedure5 d¢scribed above. The more removed that financial transactions are from the laws and regulations, the less likely il is Ih&t we would become aware of non-compliance. Auditing standards also limil the audit pro¢edur¢s required lo idenlify non-compliance with laws and regulaiion5 to enquiry of trustees and management, and the insp¢¢tion of r¢8ulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect Ihan those resulting from errors, as fraud may involve deliberale concealment or collusion. A further d¢s¢riplion of our responsibilities for the audit of th¢ financial 5tat¢rn¢nls is locat¢d on th¢ Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fornis part of our Report of the Independent Auditors. Use of our report This report is made solely to the chariiable company'5 members, as a body, in accordance with Chapter 3 of Part 16 of the Compantes Act 2006. Our audil work has been undertaken so that we might state to the charitable company's members thos¢ rnatters w¢ ar¢ required lo slate lo them in an auditors, report and for no oihcr purpos¢. To lh¢ fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitoble company's members as a body, for our audit work, for this report, or for the opinions we have fomed. Owain Ap Elfed FCCA (Senior Siatulory Auditor) for and on behalf of Williams D¢nton Cyf Chartered Certified Accountants Statutory Auditors Glaslyn Ffordd y Parc Par¢ Menai Bangor Gwynedd LL57 4FE Date.. Pag¢ 8
BANCOR DIOCESAN BOARD OF"FINANC BWRDD CYLLID ESGOBAETH BANGOR STA TEMENT OF FINANCIAL ACTIVITIES NCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total funds 2022 Total fijnds as r¢slat¢d Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2,952,871 311,834 3,264,705 2.661,195 ChAritable aetivities Support for Ministy Church Prop¢rty 7S,523 75,523 448,112 72,726 424,094 448,112 Investment income 1028J2 174 473 118096 Total 3 100 055 862 758 3 962 813 3 276 111 EXPENDITURE OIY Charitable aetivlties Support for Ministry Support for Parishes Church Property Grants & Other Financial Support Communication 2,050,645 539,131 264,461 66,113 312,469 6,730 472,640 288 288 2,363,114 545,861 737,101 66,401 2,056.749 477,130 617,441 39,344 Total 2 986 463 792 415 3 778 878 3 230 008 Nel gainsl(losses) on investments 306 777 118472 425 249 619453 NET INCOME/{EXPENDITURE) Transfers between funds 420,369 188,815 65 594) 609.184 (573,350) 16 Net movement in fund$ 485963 J 23,221 609,184 (573,350) RECONCILIATION OF FUNDS Total fund5 brought forward 5,320,702 1,527,870 6,848,572 7,421,922 TOTAL FUNDS CARIUED FORWARD 5 806 665 1651091 7 457 756 6 848 572 The notes fonn part of th¢se financial ststements Page 9
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR BALANCE SHEET 31 DECEMBER 2023 2023 Total funds 2022 Total nds as restated Unrestrict funds Restricted funds Notes FIXED ASSETS Tangible assets nvestments 12 13 270,940 4 651577 270,940 5 940 700 280,482 5 515 453 1289 123 4,922,517 1.289,123 6,211,640 5,795,935 CURRENT ASSETS D¢bior5 Cash at bank 14 793,574 83,851 313 090 877,425 929,926 530,661 971437 1,4JO,410 396,941 1,807J5J 1,502,098 CREDITORS Amounts falling due within one year (526264) (34,971) <56133S) (449,461) NET CURRENT ASSETS 884 146 361970 J 246 IJ6 1052 637 TOTAL ASSETS LESS CURRENT LIABILITIES 5,806,663 1,651,093 7,457,756 6,848,572 NET ASSETS 5 806 663 1651093 7 457 756 6 848 572 FUNDS Unrestricted funds Restricted funds 5,806,663 1651093 5,320,702 1527 870 TOTAL FUNDS 7 457 756 6 848 572 These finon¢ial statements hÈve been prepared in ac¢ordance with the provision$ applicable io charitable ¢ompanie$ subjecl to the small companies regime. The finan al statements were approved by the Board of Truste¢s and auihorised for issue on and wcre signed on its behalf by: The Most Reverend A T G John - Trustee The erable J Harvey tee The notes forni part of these financAo1 ststements Page 10
BANGOR DIOCESAN BOARD OF FINANCE-"_-- BWRDD.CYLLID ESGOBAETH BANGOR CASH FLOW STA TEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 as restated Notes Cash flows from operatlng a¢tivltl¢s Cash g¢n¢rated from op¢rations 126 563) 132.629 Net cash (used in)/provided by operating activities 126 563) 132,629 Cash flows from Invesllng activities Purchase of tangible fixed assets Purchase of fixed asset investments Interest rec¢iv¢d (4,596) (11,369) (1,780) N¢1 ¢ash provided by investing activities Change in ¢a$h and taih equlvAlents In the rtportlng perlod Cash ind cash equlvaltnts At the beglnning of the reporting perlod (41,511) 210,469 971437 760 968 Cash and cash equlvalents at the end of the reportlng perlod 929 926 971437 The notes fom] part of these financial statements Page I
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTtVlTIES 2023 2022 as restated Net incomel{expenditure) for the reporting period {as per the Statement of Financial Activities) Adjustments for: Deprecialion charges (Gain)Iloss¢s on inv¢stm¢nts Int¢r¢st received (Increas¢)Id¢crease in debtors Increase in creditors 609,184 (573,350) 14,138 (425249) (89,648) (347.063) 112075 13,662 619.453 (90,989) 89,721 Net tash (u$ed in)Iprovided by operation$ 132 629 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.23 Cash flow At 31.12.23 Net Cash Cash al bank 971437 41511) 929 926 971437 41511) 929 926 Total 971437 41511) 929 926 The notes forni part of these financial statements Page 12
. BANCOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCJAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparing the finaneial statements The fmancial stat¢m¢nts of the charitable company, which is a public b¢n¢ftt entity under FRS 102, have been prepared in accordance with the Chariti¢s SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of R¢MMended Practic¢ applicabl¢ lo charittes preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102> (cffcrtive l JanuAry 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Acl 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The Irust¢es consider that ther¢ ar¢ no material uncertainties about the charity's ability to continu¢ as a going conc¢rn. Ineome All income is recognised in the Slatemenl of Financial Activiti¢s on¢¢ th¢ charity ha$ cntitlemenl to the funds, it is probable Ihal Ihe income will be received and the amount can be measured reliably. Expenditure Liabiliti¢s are recognised os expenditure as soon as there is a legal or conslNctive obligation Committing the harity to that ¢xp¢nditure, it is probabl¢ that a transfer of economic benefits will be r¢quir¢d in s¢ttl¢m¢nt and the amount of th¢ obligation can be m¢asured reliably. Expenditure is accounl¢d for on an accruals basis and has been classified under headings that aggregate all cost related 10 the category. Where costs cannot be directly attributed lo particular headings they have been allocaied io activities on a basis consistent with the use of resources. Allocation and apportlonmtnt of ¢o$ts Certain expenditure is directly attribulable to specific oclivilies and has been included in those cost ¢#tegori¢$, Certain other costs, which are attributable lo more than on¢ activity, arc apportioned across cost categories on the basis of an eslim&te of the proportion of time spent by staff on those activities or estimated usage. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated us¢ful lif¢. Freehold property Fixtures and fittings Compuler equipment l % on reducing balance I 00/0 on cost 25 % on cost Investments All listed inv¢stm¢nts are slated at market value at the balance sheet date. The movement in valuation of investments is shown in the Stal¢m¢nt of Financial Activities and comprises both realised and unrealised gains and loss¢s. Taxation The charity is exempt from COoratIon tax on its charitable activiti¢s. Fund accounting Unrestricted funds Can b¢ used in accordanc¢ with the charitable objectives at the discretion of the truslees. Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted PUTposes. Further explanation of the natur¢ and purpose of ¢a¢h fund is included in the notes to the financial stat¢m¢nts. Page 13 continued,..
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES - eontinued Related parties Due to th¢ nature of the Charity's operations and composition of the board of trustees it is inevitable that tTansaciions will take place with or8anisations in which & member may have an interest. All transactions involving organisalions in which a trustee may have an interest are conducted al arni's length. The Charity has a policy that all trustees must declare an interest if a related paty transaction occurs. DONATIONS AND LEGACIES 2023 2022 as restated Ministy ar¢a donations RBCW grants Other granls Structural Resilience Fund Evangelism grants Sundry donation & other in¢ome 1,500.822 400,000 118,731 598,926 309,599 336 627 ,577,918 374,570 412,913 269,930 3 264 705 2 661195 I]YVESTMENT INCOME 202J 2022 as r¢stat¢d Bank interesl - general Investment income from listed investments - general fund Invesmienl income from list¢d investments- widows & orphans 84,82S 69,478 27,107 71.074 174 473 118096 INCOME FROM CHAIUTABLE ACTIVITJES 2023 2022 as restated Activity Administration contributions Support for Ministy Rents due to Parsonage fund Church Property Parsonages improvements fund BDBF grant to parsonage fund 75,523 71,122 72,726 102,803 Church Propety 135,670 97,777 Church Property 241320 223 514 523 635 496,820 Page 14 continued...
BANGOR DIOCESAN BOARD OF FINANCL BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS- contlnutd FOR THE YEAR ENDED 3] DECEMBER 2023 CHARITABLE ACTIVITIES COSTS Support costs (see note 6) Direct Costs Totals Support for Ministry Support for Parishes Church Propety Grants & Other Financial Support Communication 1,699,097 280,253 471,492 664,017 265.608 265.609 66,401 2,363,114 545,861 737.101 66,401 2 450 842 1328 036 3 778 878 SUPPORT COSTS Gov¢rnanee costs Manag¢mcnt Totals Support for Ministy Support for Parishes Church Prop¢rty Grants & Other Financial Support Communication 619,627 247,852 247,853 61,963 44,390 17,756 17,756 4,438 664,017 265,608 265,609 66,401 1239 258 1328 036 Activity Managernent Governance costs Basis of allocation As below As below Support for Ministy Support for Parishes Church Property Grants & Other Financial Support Communication SOO/o 200/• 200/• The basis of allocation is estimated usage as accepted by Church in Wal¢s Governing Body NET JNCOMEI(EXPENDITURE> Net iTJcomel(expenditUTe) is stated after charginW(crediting)'. 2023 2022 as reslated Auditors, r¢mun¢ration Auditors, remun¢ration for non audit work Depr¢¢ialion - owned assets 12,960 1,828 12.360 1.871 Page 15 ontinued.-.
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES, REMUNERATION AIYD BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor for th¢ year ended 31 December 2022. Trustees, expenses Trustees, expenses tolalltng £1 12 was paid for the yeAr ended 31 December 2023 and £13,782 was paid for the year end¢d 31 D¢¢¢mb¢r 2022. These expenses were made up of reimbursed travel. subsist¢nce and accommodation costs for 3 tNstee$. STAFF COSTS 31.12.23 31.12.22 Wages and salaries Social security costs Oiher pension costs 507,837 44,016 402,039 36,118 494 812 The average monthly number of employees during th¢ y¢ar was as follows.. 2023 2022 as r¢stat¢d Chief officer Finance officer Educationlyouth Llan Other 3J 13.1 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2023 2022 as restatcd £60,001- £70.000 Th¢ Charity considers its key management personnel comprise five members of Tim Deiniol wilh management responsibility for colleagu¢s. Total emoluments. including employer pension contributions, of th¢ k¢y managem¢nl personnel were £219,931 (2022 - £207,035) Th¢ average monthly number of employees during the period is calculated on the basis of full-time equivalents. The charity operated a defined Contribution pension Scheme for its employees and the Charity made pension contributions for 24 (2022 - 13) stsff members. Page 16 continued..
BANGOR DIOCESAN BOARD OF FIIYANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS- ¢ontinMed FOR THE YEAR ENDED 31 DECEMBER 2023 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricled funds Restricted funds Totsl funds as restated INCOME AND ENDOWMENTS FROM Donations and legacies 2,378,592 282,603 2,661,195 Chlritable aetlvltles Support for Ministy Church Property 72,726 72,726 424.094 424,094 Investment income 118096 Total 2.521.613 754 498 3276,111 EXPENDITURE ON Charltable *ttivitie$ Support for Ministry Support for Parishes Church Property Grants & Other Financial Support Communication 1,784,060 382,201 156,003 39,068 272,689 94.929 461.438 276 276 2,056,749 477.130 617.441 39,344 TotAI 2 400 400 829 608 3 230 008 Net gains/(losses) on inveslmenls 619453 NET INCOMEI(EXPENDITURE} (350,856) {222,494) (573,350) RECONCILIATION OF FUNDS Total funds brought forward 5,671,558 1,750,364 7,421,922 TOTAL FUNDS CARRIED FORWARD 5 320 702 1527,870 6 848 572 Page 17 ¢ontinued...
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 PRIOR YEAR ADJUSTMENT Th¢ accounts have been restaled to incorporate the omission of investments h¢ld with The Representative Body of th¢ Church in Wales. The chang¢ has resulted in total funds in¢r¢asing by £215,699 al l January 2022 and th¢ balance sheet at 31 December 2022 being r¢slal¢d. 12. TANGIBLE FIXED ASSETS Fixture5 and fittings Freehold property Compuier equipment Totals COST At l January 2023 Addilions 262,500 44,533 33,012 340,045 At 31 December 2023 262 500 DEPRECIA TIOIY Ai l January 2023 Charge for y¢ar 7,797 31,176 20,590 59,563 At 31 December 2023 io NET BOOK VALUE At 31 D¢ccmb¢r 2023 252 156 270 940 At 31 December 2022 254 703 280 482 The building is owned jointly by the Dean and Chapter of Bangor Cathedral and the Diocesan Board of Finan¢¢ (DBF), £350,000 wa5 sp¢nt on th¢ building in 1994, the DBF share is 750/9 (i.e £262,500). 13. FIXED ASSET JNVESTMEIYTS COIF investments MARKET VALUE At l JJnuary 2023 Revalualions 5,515,453 425 247 Ai 31 December 2023 5 940 700 NET BOOK VALUE At 31 December 2023 5 940 700 At 31 D¢cember 2022 5515453 There were no investment assets outside the UK. Page 18 continued...
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 14. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 as restated Ministy area donations Other debtors 188,524 688 901 144,198 386463 877 425 530.661 IS. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 as restated Other credilors 561235 449.461 J6. MOVEMENT IN FUNDS Net movement in funds Transfers berween funds Al 31.12.23 AtJ.1.23 Unrestrlcted funds General fund 4,945,033 254,703 412,479 (2,547) 6594 5,423,106 252,156 131401 Capital r¢$¢rv¢ Operational reserve 5,320,702 420,367 65,594 5,806,663 Restrlcted funds Parsonage board Widows & Orphans Good Hope FoundAtion Evangelism Fund The Representative Body of the Church in Wales (RBCW) Investm¢nts 535,803 784,912 9,748 791 95,562 83,648 480 (791) {65,594) 565,771 868,560 10,228 196 616 206 534 I S27 870 188 817 J 651093 TOTAL FUNDS 6 848 572 609,184 7 457 756 Page 19 continued...
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 16. MOVEMENT IN FUNDS- eontinued N¢1 movement in funds, included in the abov¢ ar¢ as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrtstrieted fund$ General fund 3,100,055 (2,983,918) (2,547) 296J42 412,479 (2,547) 10,435 Capitol reserve Operational reserv¢ 3,100,055 (2,986,465) 306,777 420,367 Restrlcted fundi Parsonage board Widows & OTphans Good Hope Foundation Evangelism Fund The Representative Body of the Church in Wales (RBCW) Investments 524,490 26.816 480 309,598 (475,242) (4,455) 46J14 61,287 95,562 83,648 480 (791) (310,389> 862 758 792 413 lJ8472 J88 817 TOTAL FUNDS 3 962 813 3 778 878) 609 184 Page 20 continued..
BANGOR DIOCESAN BOARD OF FIIY ANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 16. MOVEMEIYT IIY FUNDS - continued Cornparatives for movement in funds Net movement in funds Transfers between funds At 31.12.22 At 1.1.22 Unrestrleted funds General fund 5,270.947 257,276 7,427 135908 (246,651) (2,573) (86.690) 14 942) (79,263) 4.945,033 254,703 Capitsl reserve St B¢uno Fund Op¢rational r¢serve 79,263 120966 5,671,558 (350,856) 5,320,702 Re5tri¢t¢d funds Parsonag¢ board Widows & orphans C&lhedral Partnership Cathedral Foodbank Good Hope Foundation Evan8¢lism Fund The Representative Body of the Church in Wales (RBCW) Investments 586,729 858.276 25,172 53,427 8,888 1,582 (50,926) (73,364) (25,172) (53,427) 860 (791) 535,803 784,912 9,748 791 216290 19674) 196 616 1750 364 222 494 1527 870 TOTAL FUNDS 7421922 573 350) 6 848 572 Page21 ¢ontinud...
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 16. MOVEMEIYT li¥ FUNDS - continued Comparative nd movement in funds, Included in the above are as follows: Incoming resources R¢sour¢¢s expended Gains and losses Mov¢ment in funds Unrestrlcted funds General fund 2.520,184 (2.309.708) {2.573) (88,119) (457.127) (246,651) (2,573) (86.690) Capitsl reserve St Beuno Fund Operational reserve 1,429 2,521,613 (2,400,400) (472,069) (350,856) Restrleted funds Parsona8¢ board Widows & OTphans Cathedral PartTJership Cathedral Foodbank Good Hope Foundation Evangelism Fund The Representative Body of th¢ Church in Wales (RBCW) Investments 450,007 20,948 (463.910) (6,552) (25,172) (63,253) (37,023) (87,760) (50,926) (73,364) (25.172) (53,427) 860 {791) 9,826 860 269,930 (270,721) 754 498 829 608 222 494 TOTAL FUNDS 3 276 111 Pag¢ 22 conlinued.-.
BANGOR DIOCESAN BOARD OF FIY4ANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 16. MOVEMENT IN FUNDS - continued A current year 12 months 2nd prior year 12 months combin¢d position is as follows: Net movement in fund5 Transfers between funds At 31.12.23 At 1.1.22 Unrestrleted funds General fund 5.270.947 257,276 7,427 135 908 165,828 (5.120) (86.690) (13,669) 5,423.106 252.156 Capital reserve St Bcuno Fund Operational res¢rve 79,263 131,401 5,671,558 69,511 65,594 5,806,663 Restrlcled fund$ Parsonage board Widows & orphans CalhedTal Partnership Cathedral Foodbank Good Hope Foundation Evangelism Fund The Representstive Body of the Church in Wales (RBCW) Invcstm¢nt5 586.729 858,276 25,172 53,427 8.888 1,582 44,636 10,284 (25,172) (53,427) 1,340 (1,582) (65,594) 565,771 868.560 10,228 216290 206 534 1750 364 651093 TOTAL FUNDS 7421922 7 457 756 Page 23 continued...
BAIYGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 16. MOVEMENT IN FUNDS- conllnued A current year 12 months and prior year 12 months combined nei movement in funds, included in the hbove are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 5,620,239 (5,293,626) (5,120) (88,119) (160,785) 165,828 (5,120) (86.690) Capital reserve Si Beuno Fund Operational reserve 1,429 5,621,668 (5.386,865) (165.292) 69,511 Restrltted fund$ Parsonage board Widows & orphans Caihedral Partnership Caihedral Foodbank Good Hope Foundation Evangelism Fund Th¢ Repres¢nlative Body of the Church in Wales (RBCW) Investments 974,497 47,764 (939,152) {11,007) (25,172) (63,253) 9,291 (26,473) 44,636 10,284 (25,172) (53,427) 1,340 (1,582) 9,826 ,340 579,528 (581,110) 1617 256 622 021 TOTAL FUNDS 7 238 924 The general fund is partly represented by Si Deiniol Endowmeni investments of £4,461,993. Purpose of DesignAted Funds Capltal reserve This r¢s¢TV¢ r¢pr¢senls the value of the propety. St Beuno Fund To support the development of pioneer ministries, fresh expre$sion$ of Church and chaplaincy. Operational re$¢rve The operational reserve is to cover unforeseen emergencies, contingencies and other related costs. Purpose of Restricted Funds Parwnlge Board The Parsonage Board fund was established to maintain parsonages. Widows and Orphans The Widows and Orphans fund is used to subsidise pension of clergy widows and dependants and to bring relief for those who may be in need. Page 24 ¢ontinu¢d...
BANGOR DIOCESAN BOARD OF FINAIYCE BWRDD CYLLID ESGOBAETH BAIYGOR NOTES TO THE FJNANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 31 DECEMBER 2023 16. MOVEMENT IN FUNDS - continued Cathedral PArtnershlp The purpose of the fvnd is to finance respiie care and oth¢r support to venerable people. CathedrAI Foodbank The purpose of the fund is to finance 8roceries for those who fall below the poverty lin¢ in Bangor. Good Hope FoundgtioTh Th¢ purpose of the fund is lo finance educational activities for disadvantaged children in the Anglican dioces¢ of Lango, Uganda. Evangelism Fund The purpose of Ihis fund is to finance th¢ operations of the Llan project. The Representatlve Body of the Church ID Wales (RBCW) Investment$ RBCW Investments are held on trust for the general PUTposes for the Diocese of Bangor, for the benefit of clergy and widows of deceased clergy in Ihe Dioces¢ of Bangor as the Bishop of Bangor from time to tim¢ rnay direct. 17. RELA TED PARTY DISCLOSURES Due to the nalure of the charity's operations and the composition of the board of trust¢es, there is a close conn¢ction between the Bangor Diocesan Board of Finance, Ihe Bangor Diocesan Housing Association ,Bishop Henry Rowlands Almshouses and Bangor Diocesan Trust. During th¢ year lo 31 December 2023, the following transactions took place: Ban8or Housing Association paid Bangor Dio¢¢san Board of Finance £11,654 (2022 - £11,090) in administralion fees and £2.423 (2022 - £2,423) in rent.. Bishop Henry Rowlands Almshouses paid Bangor Diocesan Board of Finance £24,224 {2022 £23,070) in adminislration fees. Bangor Diocesan Trust paid Bangor Dioc¢san Board of Finance £39,645 (2022 £38,557) in adrnini$tration f¢¢s. 18. CLERGY HOUSING LOAN The charity hos a legal charge against a loan which was made lo a retried clergy to pur¢hase a property. The value of the loan at 31 December 2023 was £30,000. Page 25 continued.-.
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS- ¢ontinu¢d FOR THE YEAR ENDED 31 DECEMBER 2023 19. PENSION COMMITMENTS The ¢haritabl¢ company operates a defined contribution pension sch¢m¢ for the offic¢ employees. The assets of the scheme are held separately from those of the charitable company in an independently administer¢d fund Page 26
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR DETAILED STATEMEiYf OF FINANCIAL AcfiviTIES FOR THE YEAR EP4DED 31 DECEMBER 2023 2023 2022 as restated INCOME AND ENDOWMEPUS Donations and legacie5 Mini%lry are& donations RBCW grdnts Oiher grants Structural R¢silien¢c Fund Evangelism grants Sundry donation & otherincome 1500,822 400,000 118,731 598,926 309,599 336,627 1,577,918 374.570 412.913 269,930 25.864 3264,705 2.661,195 Investment income Bank interest - generdl Investment income from listed inv¢stmenls- general fund Investment income from ]isted tnvestments- widows & orphans 84,825 27,107 69,478 71,074 20.170 19,915 174,473 118,096 ChAritf¢ble Activities Adm inistration contributty)ns Rents due lo Parsonage fund Parsonages improvements fund BDBF grani to parsonage fund 75,523 71.122 13S.670 241,320 72,726 102,803 97,777 223514 523,635 496,820 TotAI incoming resources 3,962,813 3,276,111 EXPENDITURE ChAritable Activities Maintenance of Ministry CYFME costs St Seiriol Projects & Events Evangelism fund costs Widows and Dependants P&Jsonage fund ¢osts lJ61J86 43,069 28,113 233,929 309598 3,255 471,492 ,323,026 42.744 70,093 271,612 269,930 5,400 460 334 2850042 2,443,139 This page does not fotm part of the statutory fmancial statements Page 27
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR DETAILED ST ATEMENf OF FINANCIAL ACTIVITIES FOR THE YEAR EM)ED 31 DECEMBER 2023 2023 2022 as restated Support costs Management Dioeegan centre sÈaff Diocesan centre Comtnunications Property Freehold property Depn- fLxlures & frtttn Depn- computerequipment 385,663 155.994 57,543 625,920 2547 4.453 7,138 322.763 111,904 48,963 222,767 2,573 4,453 6,636 1,239258 720.059 Governfince costs Auditors, remunerdtK)n Auditors, remunernlion for non audit wo Governance Exceptional items 12,960 1.828 60,567 13.423 12,360 1,871 52,579 88,778 66.810 Total resources expended 3.778878 3 230 008 Net income 183,935 46,103 Net gainsllk)sses) on red asset investments 425249 619,453) Net intome/{expenditure) 609 184 573 350) This page does not forni part of the statutory fanCIal statcments Page 28