REGISTERED COMPANY NUMBER: 03655641 (England and Wales) REGISTERED CHARrtY NUMBER: 1075931 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR t) Esgobaeth Bangor The Diocese of Bangor Yr Eglwys yng Nghymru The Church in Wales williomsdenton
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the Trustees I to 13 Report of the Independent Audltors 14 to 16 Statement of Financial Activities 17 B212n¢e Sheet 18 Cash Flow Statement 19 Notes to the Cash Flow Statement 20 Notes to the Financial Statements 21 to 32
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLtD ESGOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees who arc also directors of the charity for th¢ purposes of the Compani¢s Act 2006, present their report with the financial ststements of the charity for the year ended 31 December 2024. The trust¢¢s havc adopted the provisions of Accounting and Reporting by Charities: Ststemenl of Recomm¢nd¢d Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and R¢public of Ireland (FRS 102) (eff¢ctive l January 2019). OBJECTIVES AND ACTIVITIES Objectives The charity's objectiv¢s ar¢ to promotc and assist the work and purposes of th¢ Church in Wales in th¢ Diocese of Bangor. The Diocese of Bangor is Committed thr visionary principles.. worshipping God. growing the Church. and loving the world. These principles describe th¢ diocese's deepcst hopes and ambitions, expressing th¢ Pern}ent ¢5sence of our common life. We hav¢ identified three ways in wht¢h we will focus on turning these principles into a reality: nurturing discipl¢s' growing n¢w ministries. and welcoming children, young people and families. Thes¢ priorities describe vital ar¢as of contemporary focus. In order to make n]anifest these principles and to meet thes¢ priorities, the diocese bas ¢on)mitted to planning in three key areas.. mission. propety. and fmance. Planning in these thre¢ areas by each of the dioc¢s¢'s Ministy Ar¢as will enable each Ministy Area to demonstrate in pra¢ti¢al ways th¢ meaning of the principles and prioriti¢s within their common life. Three platfonns {Ministy Areas. archdeacotiries. and re-shaped diocesan structures) now enable the dio¢¢se to plan meaningfully, and to bring its principles and priorities truly to lif¢. The role of the Bangor Dioc¢san BoaTd of Finance (DBF) is to ensure that th¢re is sufficient revenue to nInts1n the cost of ministry in the diocese and allow administrative functions to be properly ex¢r¢ised. As a charity. Bangor DBF monitors diocesan finance5 to fulfil the mission and ministy of the Church in Wales (pastoral, ¢vangelislic and social). This enables long-terni transforming Christian miTJiStry to be sustained throughout thc extensive geographical area of North and Mid-wales which is seTved by the diocese of Bangor. The biggest allocation in the DBF budg¢t goes towards providing clergy for th¢ dioc¢sc, helping to fund stipends, parsonages and other associated costs. Howcver, the DBF also r¢sources vital advice and support for clergy and hundreds of committed volunte¢rs who serve their local Communities, engag¢ in altrni5tic and creativc social action. and maintain a priceless cultural heritage of historic church buildings and churchyards. The DBF works in partnership with the Bangor Dioc¢san TrusL other chariti¢s and public bodies to develop innovative projects which further its objectives. Significant activlties The charity s¢ts the diocesan budget, receives the annual grant from the Repr¢s¢ntative Body of th¢ Church in Wales, and oversees the coll¢ction of the Bishop's Ministry Fund (contributions from churches towards diocesan expenditure on ministy). The charity employs the staff team that fonn rim D¢iniol. based at Ty Deiniol in Bangor and elsewhere in th¢ diocese. These staff support the athnI finance and governanc¢ of the Bangor DBF and support activities and growth in our ministy areas throughout the dioe¢se. Pagc I
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTIVES AND ACTIVITIES Publfic benefit In supporting the work of the Diocese of Bangor, the DBF provides charitable benefit to the publi¢ by: promoting Chrsstian values and community cohesion in the counties of Anglesey, Conwy (part), Gwynedd and Powys (part) which forni the Dioce$¢ of Bangor. empowering and supporting local church volunt¢¢rs in community work from foodbanks to fellowship, youth work to visiting older people. supporting ¢hurch¢s in our arca to provid¢ community facilities (such as church halls) and to organise neighbourhood events providing facilities for public worship, pastoral care and spiritual developmenL both for its members and for anyon¢ who wishes to benefit from what the Church offers caring for historic buildings. many of which have been the focal point of our communities for centuries (and often th¢ origin of th¢ village, town or city's name!) promoting and supporting the Welsh language in our work The trustees have paid due regard to the Charity Commission'.s guidance on public benefit in deciding the activities undertaken during the year. Th¢ trnstees are satisfied that the inforniation provided in the annual r¢port and fllwncial statements meets the public benefit reporting requirements. Page 2
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFoR1NCE Introduction 2024 brought considerable challenges to the Bangor Diocesan Board of Financ¢ {DBF}. The prolonged absenc¢ of a k¢y officer - the Diocesan Secretary - meant that the responsibilities of that role had to be carried by other staff and cl¢Tgy. The Trustees wish to b¢gin tbis report by expr¢ssing their profound gratitud¢ to all DBF staff and others who, with professionalism and personal dedication, willingly embraced these chall¢nge8 and ensured that ¢ss¢ntial work contlDued. Our thanks to you are heartfelt and in)m¢nse. We hold a d¢¢p appreciation for all those who respond to their Christian calling across the Dioc¢s¢ of Bangor. Faithful worshippers and volunteers, lay ministers, stipendiary lay ministers, non-stipendiary ¢lergy, and stip¢ndiary clergy all give of themselves tirelessly in every aspect of dio¢esan life. Through tbeir dedication, the missional and ministeTing presence of the Church is made real. It is both fitting and important to record here our sincer¢ gratitude and admiration for their servic¢. Trustees also committed themselves to a d¢manding schedule of meetings throughout th¢ y¢ar. It is important to acknowledge th¢ dedication Show by all involved - particularly those trustees who have giv¢n countless hours of their own time and have gone above and b¢yond in fulfilling their r¢sponsibilitxes. Their gen¢rous contribution of tin]e, energy, and expertis¢ has been vitsl to the work of the DBF. One of the Bangor DBF most significant achievements this year has been the full delivery of its con)mitment to enable and support ministy and mission across the twenty-seven Ministy Areas of the Diocese of Bangor. In addition to sustaining existing Ministy Area Leader and Associate Priest roles. the DBF has suc¢¢sslIY Created and funded several new ministerial positions, including distinctive Pioneer and Chaplain role5. We ar¢ grateful to mission partn¢TS who are sharing the funding for these roles. Further inveslment has been made in strengthening the infrastructure that underpins local church mission, with new roles establisbed in property managlent, fjnancial administration, and archdeaconry support. Th¢ ongoing financial support for Ministy Ar¢as through the Bishop's Ministy Fund (BMF) has been a key focus this year. In a strategic move, the DBF has committed to r¢leasing a greater proportion of its reserves to th¢ BMF for 2025, easing som¢ of the financial pressure Currently borne by Ministy Areas. This addttional support is time-limited and will be r¢vi¢w¢d regularly. Its purpose is to provid¢ Ministy Areas with a window of opportunity to focus on strategic planning for growth and suslainability. The Diocese of Bangor and its Ministy Areas continue to face si8nifi¢ant and complex challenges. These include the all to make disciples of Christ, nurture Congregational and community life, respond to societal needs and environmental tbreats, car¢ for bistoric buildings, manage financial pr¢ssures, and meet th¢ legal responsibilities of charitsble governance. Trustees rematn fully engaged with these issues. Their focused attention in 2024 on policy and fmancial strategy is intended to ensure that they can continue to contribute effectively to the flourishing of dio¢esan life. Charitable activltles The charity's principal focus remains the provision and support of ordained ministy throughout the Diocese of Bangor. This is cltrarly reflect¢d in the fanCIal stat¢ments, where th¢ largest area of exp¢nditure continues to b¢ the cost of ministy and the support of Ministy Areas. These priorities remain ¢¢ntral to the trnst¢¢s, who are committed to sustaining and strengthening leadership across th¢ diocese. In addition, th¢ charity continu¢s to align its resourc¢s witb diocesan principles by inv¢sting in new foms of ministy. It also provides increasingly practical, hands-on support to Ministry Areas particularly in administration, finance. governance, and the care and maintenance of church buildings. Pag¢ 3
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE Principle$ and Priorities The Diocese of Bangoi continues to shape its mission around thr¢e strat¢gic prioriti¢s that reflt its commitm¢nt to nurturing faith, expanding ministy, and welcoming all generations into the life of the Church. Nurturing Disciples: At the heart of the Diocese's mission is the call to follow Christ - a call that invites individuals to grow in faith and service. To be effective in its future wilness. the Church must invest in nurturing new disciples and deepening the discipleship of all its members. Through teaching, worsbip, and community engagement, the Diocese seeks to cultivate a culture where discipleship is central to personal and communal life. Growing Neiv Ministries: Emerging vocations acr()ss the Diocese are a sign of spiritual vitality and renewal. Building on the foundation of discipleship, the Diocese is committed to developing a wide rdnge of ministries that reflect the diversity of gifts within the Church. Welcoming Children, Young People And Families: This priority reflects the Diocese's Commitment to building a Church that is int¢rgenerational, nurturing, and outward-looking where children and young people are valued and empowered to grow in faith. Ministry Area Support Ensuring the resilience and effectiveness of Ministy Areas remains a strategi¢ priority for the Dio¢ese. In response to ¢volving chall¢ng¢s, th¢ Dio¢¢san Board of Financ¢ O)BF) ha5 mad¢ a significant commitment to strengthening local church life through target¢d staffing and operational support. tn addition, the Diocese has appointed two ll-time Propety Officers, with plans for a third, ensuring coverage across all archdeaconries. These roles replace the previous ad hoc arrangen]ents with contracted architects. off¢Ting ¢onsist¢nt and r¢sponsive prop¢rty support. The impact has been immediate and overwhelmingly positive, with Ministry Areas reporting improved efficiency and clarity in managing their buildings and assets. This strategic investment in persomjel and systems r¢fl¢¢ts the Dioces¢'s Commitment to equipping Ministy Areas with the tools and expertise needed to thrive in their mission and govemance. Property Revlew In May 2024 w¢ ¢stablish¢d Bwrdd Tai, a n¢w dioc¢san housing board which fulfils the constitutional rcspoDsibiliti¢s of the Parsonage Board. This has quickly ntsde a real difference to management and dccision-making. We have mad¢ a strategic decision to consider our carbon footprint in the preparation of parsonages which are welcoming new dwellers. These Carbon net-zero improvements arc improving the liv¢s of those who live in these properties and advancing thc Church in Wales's r¢spons¢ to Climate change. We are also grappling with changes in legislation for t¢nants and landlords, as w¢ll as council tax charges for empty properties. These may well changc the way in which Bwrdd Tai opcratcs in coming y¢ars. It has bccn wonderful to s¢¢ an in¢r¢as¢ in the number of church buildings and Ministry Are&s engaging with th¢ Eco-cbuwh initiativ¢ and gaining awards. Whilst there is always much sadThess when a church building has to be closed, it was notable that 2024 saw the rcopening of a r¢dundant ¢hwch building at SL Matys. Morfa Nefyn, Bro Madryn. Work has also been ongoing at St Cybi's Church in Holyhead, Bro Cybi, where a full refijrbishment is und¢rway thanks to Levelling Up Funding - partnership between the UK Gov¢rnmcnL Dioc¢s¢ and County Council. The N¢uadd Ni church-hall refurbisbment project in Conwy, Brn Celynnin is a]ready helping thc church there to better serve the town by m¢eting a local nee41 for community space. Page 4
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE Welsh Language Ministry Welsh language ministry within the Diocese of Bangor has s¢¢n significant dcvclopment over the past y¢ar, with a strong cmphasis on training, worship, cultural engagemenL and strategic planning. This work continues to support th¢ Diocese's conimittnent to linguistic inclusion and cultural heritage and so embed y Gymraeg a Chymreictod within th¢ ¢ccl¢siastical and spiritual life of the whole Diocese. A new initiative, Duw a Dysgwyr was launched to support Wclsh learners in worship. The s¢rvi¢c includes phonctic guidcs, key vocabulary, and accessible hymns, followed by a sharcd lunch to ¢ncourage inlornial languag¢ practice. Additional support is provided to individuals seeking W¢lsh courses and resources, including guidance on technologies that enable practical language use. A five-day residential course was held at Nant Gwrtheyrn Language Centre, focusing on Pr¢a¢bing through the Medium of Welsh for intennediate and advanced learners. Delivered in partnership with th¢ Centre and funded by Dysgu Cymraeg Cymru. the course provided practical and theological training in Welsh. An introductory online taster course was also developed for non-welsh speakers, offering a ftrst experience of the language in a church context. A thr¢¢-y¢ar literary project will culminat¢ in 2025 witb tbe publication of Th¢ Cadfan's Way volume. There is activ¢ involvement in the Ynys Enlli Spirituality Con]mitt¢¢ included support for chaplains, training, retreats, and acting as a liaison between the Diocese and the island. Ministry and Growing Disciples We were delighted to w¢lcomc Canon Alex Mayes as our new Director of Ministy in Jun¢ 2024. Discernment for ordained ministy ¢ontinues to flourish across th¢ Dio¢¢se. However, the Archdea¢onry of Anglesey has been particularly affected by clcrgy shortages, a concern we continuc to address with appropriate recruitm¢nt strdtegies. Ministry Lay-licensed ministers Non-stipendiary Clergy Stipendiary Lay-workers Stipendiary Clergy and Lay-workers {budgeted for} Stipendiary Clergy and Lay-workers at 31.12.24 Number 29 45 38 Our Cadfan in-servic¢ training programme for clergy and lay-workers alled with the Provincial theme of Wellbeing in 2025. In 2025, the Ministy Team will be seeking to appoint a Spirituality Officer and a Commissioned Ministries Officer, which will complete the team. Regular meetings continue, and an away day is being planned. Page 5
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Financial review The Diocese maintained a generally stable financial position, although perfornlance trends indicate a need for ongoing vigilance and proactive management. Fluctuations in asset values and income streams highlight the importance of robust fmancial oversight and strategic planning. During the period, the restricted element of DBF funds has increased from £1,651,093 in December 2023 to £1,712,710 as at December 2024. Unrestricted reserves have decreased from £5.806.663 to £5,474.757 in the same period. Giving) Donations, and Legacies.. The continued generosity of donors and supporters towards our Ministy Areas remaincd a vital source of income. The DIesall Board of Finance trustees express their sincere gratitude to all who contribute to the mission and work of the organisation through th¢ir kind and SalfiCIal giving. Investments and Other Income: Investment income was impa¢t¢d by chall¢nging ¢wnomi¢ wnditions. Th¢ trustees of the Bangor Diocesan Board of Finance and the Bangor Diocesan Trust are a¢tiv¢ly working with investment managers at CCLA to maximise returns while adhering to ethical investment principles and car¢fully managing risk. Expendfiture: Prudent expenditure management remains a priority. The single largest item of expenditure for the DBF is its support of ordained and lay ministy rosS the diocese, largely though not exclusively tlwough Ministry Area clergy stipends and related matters. The DBF is committed to ensuring that r¢sour¢es are allocated effectively and efficiently to support its strategic prioriti¢s. Grants and Financial Support: The Diocesan Board of Finance (DBF) continu¢ to play a vital role in supporting Ministy Areas and diocesan initiatives both fllwicially and operationally. This support is dclivered through a combination of targ¢t¢d grants. adjust¢d Bishop's Ministy Fund (BMF) contrlbutions, and the deployment of specialist staff, including bookk¢¢p¢rs and property inspectors. A particular area of development this y¢ar has been the strengthening of financial systems within Ministy Areas. Th¢ diocesan Finance Team has provided increasing l¢v¢ls of support. particularly through the appoiThtment of additional bookkeepers. This has cnabled several Ministy Area Tr¢asur¢rs to transition to MyFundAccountitJg, integrating local financial management with diocesan systems. The impact of this support has been significant. Ministry Areas hav¢ ¢xpr¢ss¢d cl¢ar appreciation for the practical assistance received, with many reporting a sense of relief and renewed confidence in managing their financial responsibilities. Page 6
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESCOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Principal funding sources The principal funding source is income from the Bishop's Ministry Fund. The Bishop's Ministy Fund system r¢placcd the Parish Shar¢ system in 2015, and contributions from Ministy Areas towards th¢ Bishop's Ministry Fund in each subsequent year have been consistently strong. That said, th¢ broad-based alld longer-terni impact of the pandemic on aspects of th¢ fmancial sustsinability of Ministy Ar¢as has still fully to b¢ und¢rstood. Moreov¢r, the Teliance in som¢ contexts upon the use of invest¢d funds to meet Bishop's Ministry Fund commitments continu¢s to cause concern. Th¢ trustees acknowledge, with thaDJ(sgiving, the generosity and stewardship that allow funds to be made availabl¢ to meet the cost of ministy, but are also con]mitt¢d to offering great¢r support to address issu¢s of flllancial sustainability, and to budgeting with sensitlvlty and realism for the coming decade, mindful of the balance between fixed costs and more flexible components of ¢xpenditure. A secondary funding source is the annual gTant from the Representalive Body of the Church in Wales. The trustees have received confwmation from the R¢prentatIVe Body of the Church in Wales of th¢ Partnership and stctUral Resilience Funding Agreement for 2025 and their funding conmiitments for future years. Investment poliey and objectives The trnstces seek a level of investn]ent incom¢ that is able to support a range of important charitable activities at a time of change, recognising that achieving such a level of incom¢ may, in the case of some investments, pose some challenges to the secondary goal of maintaining capital value. Th¢ trustees work with their investment managers to assess the ethical dimensions of their investment portfolio, prioritising th¢ use of shareholdcr righis to athiev¢ the advanc¢ment of a progressive ethical agenda through the inv¢stmcnt portfolio. Reserves poliey The trustees, objective is to maintain an operdtional reserve of approxin]ately 3 months, expenditure, alongsid¢ an expendable endowment geared to provide inveslrnent income that is able to support a range of important charitsble activities. Page 7
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 CROWING NEW MtNISTRIES Licensed Lay Ministry (LLM) There are currently 29 Li¢¢nsed Lay Ministers ILLMS) serving in 20 of the 27 Ministry Areas across the Dio¢¢s¢. W¢ are currently working to support thcm with a regular prayer network, and expand training, for example in taking funerals. We are aware of the need to encourage younger candidat¢s into this area of ministy. Rural Ministry Rural ministy continues to be a vital part of diocesan lif¢. This year saw a strong church presence at agricultural shows and events, affming our commilment to farnling and nrdl communities facing challenging limes. Pioneer Ministry The DBF has supported several new posts with Pioneer focus: Revd Georg¢ Bearwood, Pioneer Priest in Bro Cybi, Revd Jane Finn, Pilgrimage Priest in Bro Enlli, and Jill Ireland. Outdoors Chaplain in Bro Eryri, whose role is joint nded with Rural Ministries. We are grateful to them for their generosity. Pioneer ministers across the Dioces¢ have met weekly online for Care Share Prayer, a space for mutual support and spiritual reflection. These ministries span youth work, chaplaincy, pilgrimage, the arts, and outdoor communiti¢s, united by a c(Fcreative approach: listening. noticing God at work. and joining in. A new discipleship pro8ran)me, Curiad Calon. will be piloted ift Bro Gwydyr during Lent 2025. It will support Ministry Areas in navigating change and discov¢rin8 a sl]ared vision for the thture. Anna Chaplydiney Clergy and lay people in the diocese continue to support older people as a Core part of th¢ir ministy. We ar¢ grat¢ful for the hundreds of hours per year which is spent delivering home communion, or simply providing company or a listening ear. One particular innovation in the Bangor area has been the ¢stablishment of a n¢twork of Anna Chaplains. who visit care homes and sheltered accommodation to provide support, prayer and fellowsbip. Chaplaincy for Retired Clergy R¢tir¢d pri¢sts continu¢ to provid¢ an invaluabl¢ s¢rvic¢ to our communiti¢s; w¢ ¢ontinuc to 8ppr¢¢iat¢ th¢ work th¢y do in tsking services and supw)rting our stipendiary clergy. Reverend John Bleazard took over the role of Chaplain for Retired Clergy in 2024, providing colleagues with pastoral support, and a fwst point of contact for admin work such as DBS checks and P¢rmi5sions to Officiat¢. Welcoming Children, Young People and FY4milies Grwp Elen continues to support clergy and lay ministry teams in outreacb and engagement. sharing ideas and r¢sourc¢s foT s¢asonal outr¢a¢h, such as East¢r and Christmas. T¢rn]ly m¢¢tings took a br¢ak during 2024, but ar¢ du¢ to b¢gin again in late 2025. Page S
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 EVANGELISM FUND Llivybr Cadfan The Llwybr Cadfan route was officially launched at St Cadfan's, Tywyn in September 2024. N¢w r¢sources to support the route includ¢: A d¢dicated website with wall( details Thc Pilgrim Passport and rout¢ map A widely distributsd leaflet promoting the pilgrimage to tourist outl¢ts The site will host ¢thi¢ational packs, presentations, and videos on pilgrimage, local churches, and the rich history of the Saints within our Diocese. A do¢u-animalion on St Cybi and St Seiriol, produc¢d by GriffiEms (Anglesey), will rther enhance thes¢ r¢sources for schools. Schools and Llivybr Cadfan P¢r¢rin Ysgolion, within th¢ Llan project had a highly successful y¢ar of engagement with schools, emb¢dding pilgrimage and local heritag¢ into education in innovative and inspiring ways. Between July 2024 and March 2025, th¢ project reached over 600 pupils from 19 primary schools and 7 high schools through the Llwybr Cadfan Stamp Project. Each participating school rec¢iv¢d a ]1-daY workshop which included.. A presentation on pilgrimage along Llwybr Cadfan, as w¢ll as global pilgrimage traditions across diff¢rent faiths. A creative stamping workshop, where children engaged with local churches and d¢signed slamps reflecting the heritage of churthes, vtllages. and towns along the route from Tywyn to Ynys Enlli. We are plannirlg day-long school pilgrimages along Llwybr Cadfan, where pupils engag¢ with local church communities, history, and nathral heritage. Such pilgrimmages will enable them to l¢arn about holy wells. quiet reflection in nature, sketching and prayer-writing inspired by wildlif¢. tnitial feedback from schools suggests that these ¢xp¢ri¢n¢es will support delivery of the N¢w Curriculum for Wal¢s, particularly its emphasis on Cynefin and the RVE lenses within th¢ Humanities Ar¢a of Learning. Looking ahead in 2025 the project will work with the Cathedral on an event for the 15IX) celebrations. It will also expanding its reach through the launch of an education website, www. ererin iS&iolion.coin. Pererin Ysgolion, within the Llan project continues to provide rich, faith-based and cultural experiences that connect children with their local and spiritual heritage, supporting both the curriculum and faith within our schools. FUTURE PLANS Since the end of 2024 much has chang¢d agall with thc r¢tir¢ment of our Diocesan Bishop. Rt Rev'd Andy John. All areas of diocesan lif¢ look ahead with hope to the el¢ction of a new Bishop and the appointment of a new Dioc¢san sretary. In 2026 the DBF intends to continue drawing deeply on its r¢s¢rves to support the presence of stip¢ndiary ministy in the Ministy Areas through the Bishop's Ministy Fund. This includes Ministy Area Leaders, Associate Clergy, Stipendiary Lay-workers and Pioneer Priests. The DBF looks forward, after the appointment of a Diocesan Secretary, to shaping a diocesan bid to the Church Growth Fund athninistered by the Representative Body. An external govemanc¢ review, due to r¢port by the start of 2026, will ensur¢ that our structures. governing documents, training and key policies ar¢ fit for PUTPOS¢. Pag¢ 9
BAIYGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governfing document The charity is controlled by its governing documenL a deed of trusl and constitutes a limited Company. limited by guarantee. as defit)ed by the Companies Act 2(X)6. Recruitment of new trustees In addition to ex-officio trustees. new trustees are recwited to maintain a balance of skilb and exp¢ri¢nce. as well as an appropriate representation of ordained and lay representatives. Organi5ational structure The Board of Trustees generally has between twelve and fourteen members. The trustees mect on avcragc four limes a y¢ar to r¢vi¢w progr¢ss and to plan for the future. The trustees are also members of the Diocesan Conference Standing Committee, and reflect on the Standing Committee's business at the end of each of their meetings. Deefislon maklng The decision-making role of the trustses in supported by pr¢paratory work by flln Deiniol and the Bishop's Council, and by confcrring within archidiaconal Synods and the Cadfan Group of licensed clergy. The alignment in membership between the trustees and the membership of the Diocesan Conference Standing Committee also ensures that decisions about the use of resources are fully infonned by the Standing Committee's oversight of broad strategic considerations. Indu¢tlon and trainfing of new trustees New trustees are inducted through a s¢ries of meetings with the rim Deiniol, and the Bishop's Council. Trustees are briefed on new charity law developments as they arise, and are given updates on the Current issues facing the charity during their regular meetings. The charity intends to review the induction off¢red to n¢w trnstees following a govemaThce review. Key management remuneration Remuneration of th¢ ¢haTity's key management personnel is located within the context of the remuneration structure of rlln Deiniol mor¢ broadly, and with reference both to the remuneration aThngements for the clerical l¢adership of the diocese and the pay structure of the Representative Body of tb¢ Church in Wales. Wlder network The charity supports tbe life and witness of the Diocese of Bangor, led by the Bishop of Bangor and governed by the Bishop in collaboration with th¢ Dioc¢san Conf¢r¢n¢e. The Diocese of Bangor is one of six dioceses of the Church in Wales. Given the charity's role in organising and providing fLmds for th¢ Dioc¢s¢ of Bangor, it works closely with the Representative Body of the Church in Wales. The Representative Body holds ass¢ts in trust on behalf of the archbishop, bishops, clergy and laity of the Church in Wales - Currently some 1,500 ¢hurch¢s, 650 parsonage houses and £370 million of investments. Related parties Due to the nature of the charity's operations and th¢ ¢omposition of the Board of Trustees il is inevitable that transactions will take place with organisations in which a member may have an interest. All transactions involving organisations in which a trustee may have an interest are conducted at arni's length. The charity has a policy that all trustees must declare an interest if a related paty transaction occurs. rmi Definlol - Our Dloeesan Staff We are gratefijk to the diocesan stsff who continu¢ to p¢ with a p¢riod of uncertainty in our leadership, and who Continue to give of their best in cball¢nging tim¢s. A numb¢r of n¢w staff joined us in 2024, and hav¢ quickly b¢com¢ valued members of the team. The trustees recognise the n¢ed to in¢r¢as¢ the support and feedback given to all slaff, particularly those who regularly work from home and have less opportunity to int¢ract inforn]ally with colleagues. Page 10
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management Trustees of the DBF recognise that effective risk management is essential for safcguarding its financial r¢sourccs and ensuring its long-terni sustainability. The tnteeS regularly review aDd update its risk management framework to identify. assess, and mitigate key risks. In 2024, 2 comprehensive Risk Management Strategy was dcveloped. This strategy idcntifies key risks. ass¢ss¢s their potcntial impact and likclihood, and outlin¢s control actions to mitigatc those risks. K¢y financial risks identified includc: Flnancial Instability of the Diocese: The trustees acknowledge that challenging economic factors, declining congregation numb¢rs, and existing financial pressures within Ministy Areas have created a substantial risk for the wider Diocese. Mitigation strat¢gies in place to addT¢SS this risk include thorougb financial scrutiny of projects, clarity on strategic objectives, and maximizing use of RB funding streams. Imprudent use of Funds: The Irustees recognise ihe danger of poor use of fvnds and a failure to learn lessons from past errors. To addr¢ss this the strategic obj¢¢tives over the next quinquennium ar¢ b¢ing clarified and align¢d resources are provided for projexts. Insolvency of a bank bolding DBF deposits: All cash and money market dq)osits are only with banks with a Moody's A credit rating to attempt to reduce this risk. The tn]st¢¢s committed to proactivc risk xnanagem¢nt and continuous improvcmellt ill its risk management practic¢s. Regular monitoring of the risk register by members of DBF staff, ongoing ¢valuation of mitigation strategies, and adherence to established policies and proGcdur¢s are ess¢ntial to ensure the organisation's resili¢n¢e in the face of evolving challenges. REFERENCE AIW ADMINISTRATIVE DETAILS Registered Company number 03655641 (England and Walcs) Registered Charity number 1075931 Registered office Ty Deiniol Cathedral Close Bangor Gwynedd LL57 IRL Pagell
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Trustets The Right Reverend A T G John (r¢sigTh 31.8.25) The Reverend Canon T J Jones (resigned 31.12.24) Mrs E W Owen The Reverend Canon D J Williams (appoint¢d l.1.25) The Reverend Canon E C Williams {resigned 31.12.24) Mrs S D Ward (resigned 31.7.24) Dr H J Parry-smith The Reverend Canon M Beecroft The Venerable J Harvey The Venerable R W Townsend The Venerable D A Parry The Right Reverend D T Monis (appointed I1.5.24) Mr M D Dean (appointed l.1.25) Mr C Dearden (appointed l.1.25) The Reverend R Ll Moules-jones (appointed l.1.25) Ms L Palshis (appointed l.1.25) Audltors Williams Denton Cyf Chartered Certified Accountants Statutory Auditors Glaslyn Ffordd y Parc Parc Menai Bangor Gwynedd LL57 4FE Advisers Bankers: Lloyds Bank, 268 High Street, Bangor, Gwynedd LL57 IRT tnvestment Managets: CCLA, Senator House, 85 Queen Victoria Stree¢ IndOn EC4V 4ET STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Bangor Dio¢¢san Board of Finance Bwrdd Cyllid Esgobaeth Bangor for the purposes of company law) are responsible for pr¢paring th¢ R¢port of the Trustees and the financial statements in accordance with applicable law and Unit¢d Kingdom Accounting Standards (United Kingdom Generally Accepted A¢¢ounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland.. Company law requires th¢ trustees to prepare financial statements for each fmancial year which give a true and fair view of the state of affairs of the charitable company and of the incoming r¢sovrc¢s and applicalion of resources, including the income and cxpcnditure, of the charitable company for that period. Jn preparing those financial statcmcnts, the trustees are required to select suitable accounting policies and then apply them CODSlSt¢ntly' observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inappn)PTiat¢ to presume that the charitable company will continue in business. Page 12
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES. RESPONSIBILJTIES- continued The trustees are responsible for keeping proper accounting records which dis¢los¢ with reasonable accurd¢y at any tim¢ tbe finan¢ial position of the charitable company and to enable th¢m to ¢nsur¢ that the financial statem¢nts comply with the Companies Act 2006. Th¢y are also responsible for saf¢guarding the assets of the charitable company and hence for tsking reasonable steps for th¢ pr¢vention and detection of fraud and other irregularities. In so far as the trustees are aware.. ther¢ is no Televant audit inforniation of which the charitsbl¢ company's auditors are unawar¢' and th¢ trustees have taken all st¢ps that they ought to bav¢ tak¢n to makc themselves awar¢ of any r¢lcvant audit information and to establish that the auditors are awar¢ of that inforniation. AUDITORS The auditors, Williams Denton Cyf, will b¢ proposed for re-appoinim¢nt at the forthcoming Annual G¢neral Meeting. Approv¢d by order of the board of trust¢¢s on ...... .... . and signed on its behalf by: DrHJP Smit - Trust Page 13
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BANGOR DIOCESAN BOARD OF FIIYANCE BWRDD CYLLID ESGOBAETH BANGOR Opinion We have audited the financial statem¢nts of Bangor Diocesan Board of Finance Bwrdd Cyllid Esgobaeth Bangor (the 'cbaritable company? for the year ended 31 December 2024 which comprise the Statem¢nt of Financial A¢tiviti¢s. the Balance SheeL the Cash Flow Statement and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been appli¢d in th¢ir pr¢paration is applicabl¢ law and United Kingdom Accounting Standards IUnit¢d Kingdom G¢n¢rally Acc¢pt¢d Accounting Practic¢), including Financial Reporting Standard 102 Th¢ Financial R¢porttng Standard appli¢abl¢ in the UK and Republic of treland,. In our opinion the financial statem¢nts'. give a true and fair view of the state of the charitabl¢ companvs affairs as at 31 D¢cember 2024 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 Accounting Practice, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ir¢land and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We con(lucted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the fmancial statements section of our report. We are independent of the ¢haritable ¢ompany in accordance with th¢ ethical requirements that are relevant to our audit of the finan¢ir41 statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit ¢vid¢nc¢ we have obtained is suffici¢nt and appropriate to provide a basis for our opinion. Conclusions retsting to going ¢ontern In auditing the financial statements, we have concluded that the trustees, use of the goiDg concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornled, we have not identified any material un¢ertainti¢s relating to events or conditions that, individually or collectively, may cast significant doubt on the charitsble company's ability to Continue as a going concern for a period of at least twelve months from when the fllmncial statements are authorised for issue. Our responsibiliti¢s and th¢ r¢sponsibiliti¢s of the trustees with respect to going concern are described in the relevant sections of this report. Other informadon The trustees are Tesponsible for the other infonnation. The other inforniation comprises the inforniation included in the Annual Report, oth¢r than th¢ financial stat¢m¢nts and our R¢port of the Independent Auditors thereon. Our opinion on thc financial stat¢m¢nts does not ¢ov¢r th¢ other information and, except to the extent otherwise explicitly stated in our r¢por¢ w¢ do not ¢xpress any forni of assurance conclusion thereon. In ¢onn¢¢tion with our audit of the financial statements, our responsibility is to read the other iDfoTmation and. in doing so, consider whether the other infornlation is materially inconsistent with th¢ financial stat¢ments or our knowledge obtained in the audit or otherwise appears to be materially mtsstat¢d. If we identify such nterIal inconsistencies or apparcnt material misstatements. we are required to deterniine wheiher this gives rise to a material misstat¢mcnt in the financial statements thernselves. Jf, based on the work we hav¢ pcrforni¢d. we conclude that there is a material misststement of this othcr infOrntiOn. w¢ are required to report that fact. We have nothing to report in this regard. Opinions on other matters preseribed by the Companies Act 2006 In our opinion, bas¢d on th¢ work undertaken in th¢ course of the audit: the inforn]ation given ID the Report of the Trnst¢¢s ftir the fmancial year for which the fall¢la1 stat¢m¢nts ar¢ prepared is ¢onsist¢nt with the fmancial statements. and th¢ Report of the Trust¢¢s has b¢¢n pr¢par¢d in accordan¢¢ with applicable legal requirements. Page 14
REPORT OF THE IIYDEPEIYDENT AUDITORS TO THE MEMBERS OF BANGOR DIOCESAN BOARD OF FLYANCE BWRDD CYLLtD ESGOBAETH BANGOR li Matters on which we are required to report by exception In th¢ light of the knowledgc and understanding of th¢ charitable company and its cnvironmcnt obtained in th¢ cours¢ of thc audit, we have not identified mat¢rial mi5Statcm¢nts in thc Report of the TTUSte¢s. Wc havc nothing to report in respect of the following matters where the Compani¢s Act 2006 requires us to report to you if, in our opinion- adequate accounting r¢¢ords hav¢ not been kept or returns ad¢quat¢ for our audit have not been received from brdn¢hes not visited by us. or the fmancial statem¢nts ar¢ not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specifi¢d by law are not made. or w¢ have not received all the infonnation and explanations we require for our audit. or th¢ trnstees were not entitled to tak¢ advantage of the small companies ¢x¢mption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of trustees As explained morc fillly in the Statement of Trnst¢¢s' Responsibilities, the trnstees (who are also the directors of the charitable company for the purposcs of company law) are responsible for the PTepaTation of the financial statements and for being satisfied that they givc a true and fair view. and for such internal control as the tsvst¢¢s dctcrniine is necessary to enable the preparation of financial statements that are fr¢¢ from material misstatement, wh¢th¢r due to fraud or error. tn pr¢paring the financial statements, the trustees are rcsponsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going Concern and using the going ¢on¢em basis of accounting unless the truste¢s ¢ith¢r intend to liquidate the ¢haritable company or to cease OP¢Tations, or have no r¢alistic alternative but to do so. Page 15
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR Our responshb11511es for the audfit of the financial statements Our objectives are to obtain reasonable assurance about whether the fanciaL statements as a whol¢ ar¢ fr¢¢ from material misstatement, whether due to fraud OT eOr, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in acrdance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or eor and are considered material if, individually or in the aggregate, they could reasonably be expected to influ¢n¢¢ th¢ ¢¢onomi¢ d¢cisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting ]egUlaTities, including fraud is detailed below: Based on our understanding of the charitable company and the enviionment in which it operates, we considered the risk of acts by the charitable company that were contrary to applicable laws and regulations, including fraud, and designed audit proc¢dures in Tesponse to this risk. W¢ focussed on laws and r¢gulations which could give risc to a material rnisstatem¢nt in the financial statements, including, but not limited to, Companies Act 2006 and Charities Act 2011. Our tests included: - enquiring with management of any known or suspected irregularities. including fraud. evaluating th¢ adequacy of internal controls design¢d to d¢t¢ct or pr¢v¢nt irr¢gularities, including th¢ risk of management override. - agreeing the amounts and disclosures in the fll)an¢ial slafrments to underlying supporting documentation; - testing journal entries to identify unusual transactions. and - evaluating whether there was evidence of management bias on key judgements and a¢¢ounting ¢stimates. There are inherent limitations in the audit procedures descril)ed above. The moTe removed that financial transactions are from the law5 and regulations, the less likely it is that we would become aware of non-con]pliance. Auditing standards also lirnit the audit procedures required to identify non-compliance with laws and regulations to enquiry of trust¢es and manag¢m¢nt, and th¢ insp¢¢tion of regulatory and legal correspondence, if any. Mat¢rial misstatements that arise due to fraud can be har(kr to detect than those Tesulting from errors, as fraud may involve deliberate concealment or collusion. A fvrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Courtcil's website at www.frc.org.uldauditorsresponsibiliti¢s. This description forn]s part of our Report of the Independent Auditors. Use of our report This report is made solely to the ¢haritabl¢ ¢ompanVs members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertak¢n so that w¢ might stat¢ to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent perniitted by law, we do not accept or assum¢ rcsponsibility to anyone oth¢r than tbe charitable company and the cILaritable company's members as a body, for our audit work, for this r¢port, or for th¢ opinions we have fonned. (L)( Oeth- Owain Ap Elfcd FCCA (Senior Statutory Auditor) for and on b¢half of Willian]s D¢nton Cyf Chartered Certified Accountants Statutory Auditors Glaslyn Ffordd y Parc Parc Menai Bangor Gwynedd LL57 4FE Page 16
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR STA TEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total funds 2023 Total funds Unrestri¢t¢d fimds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3.030,847 309,253 3,340,100 3.264,705 Charitable activities Support for Ministy Church Prop¢rty 82960 82,960 605,580 75,523 448,112 605,580 Investment income 69,217 52,756 121,973 174,473 Total 3,183,024 967,589 4,150,613 3,962,813 EXPENDITURE ON Charitable activities Support for Ministry Support for Parishes Church Property Grdnts & Other Financial Support Communication 2,692,750 461,325 358,267 89567 89567 309,052 6,727 635,471 257 257 3,001,802 468,052 993,738 89,824 89,824 2.363,114 545,861 737.101 66,401 66.401 Total 3,691,476 951,764 4,643,240 3,778,878 Nct gains on investments 176,546 222,338 425,249 NET INCOMEI(EXPENDJTURE) (331,906) 61,617 (270,289) 609,184 RECONCILIATION OF FUNDS Total funds brought forward 5,806,663 1,651,093 7,457,756 6,848,572 TOTAL FUNDS CARRIED FORWARD 5,474,757 1,712,710 7 187,467 7,457,756 The notes forni part of these financial statem¢nts Page 17
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR BALANCE SHEET 31 DECEMBER 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible assets Investments 262,880 4 628 123 262,880 5 961 014 270,940 5,940,700 12 1332 891 4,891,1103 lJ32,891 6,223,894 6,211,640 CURRENT ASSETS Debtors Cash at bank 13 873,125 171,286 219,961 1,044,411 496,406 877,425 929,926 1,149,570 391,247 1,540,817 1.807.351 CREDITORS Amounts falling due within one y¢ar 14 {565010 (11,428) (577244) (561235) NET CURREIYT ASSETS 583,754 379 819 963,573 1,246,116 TOTAL ASSETS LESS CURRENT LIABILITIES 5,474,757 1,712,710 7,187,467 7,457,756 NET ASSETS 5,474,757 1,712,710 7,187,467 7,457,756 FUNDS UnrestrACted funds R¢stri¢t¢d funds 16 5,474,757 1,712,710 5,806,663 1,651,093 TOTAL FUIYDS 7,187,467 7,457,756 These financial statements have been pr¢pared in accordan¢¢ with th¢ provision5 applicable to charitabl¢ companies subject to th¢ small compani¢s r¢gim¢. The f cial statements were approved by the Board of Trustees and authorised for issue on . .7.pts...... and were signed on its behalf by: Dr H J Parry-smith - Trustee The Venerable W Townsend - Tw8t¢¢ The notes £orn] part of these financial statements Page18
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLJD ESGOBAETH BANGOR CASH FLOW STA TEMENT FOR THE YEAR EiYDED 31 DECEMBER 2024 2024 2023 Notc5 Cash flows from operating artivities Cash gen¢Tated from operations 722 126,563) Net cash used in operating activities 722,9 126,563) Cash flow$ from investing activities Purchase of tangible f¢d assets Sale of fixed asset inv¢skn¢nts Interest received (4,882) 202,025 (4.596) 89,648 N¢t casb provided by investing activities 289,446 85,052 Change in cash and eash equivalents in the reporting period Cash cash equivalents at the beginning of the reporting period {433520) (41,511) 929.926 971,437 Cash and cash equivalents at the end of the reporting period 496 406 929.926 Th¢ notes form part of tb¢se financial statcments Pag¢ 19
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE CASH FLOW STA TEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCILIATION OF NET (EXPENDITURE)IINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net (expenditure)lincome for the reporting period (as per th¢ Statement of FinAneiAI Activities) Adjustments for: Depreciation charges Gain on investments Interest r¢¢¢iv¢d In¢r¢as¢ in debtors Increase in CTeditors (270,289) 609.184 12,942 (222J38) (92,303) {225,996) 75,018 14,138 (425.249) (89.648) (347,063) 112.075 et cash used in oper2tioDS 722,966) 1126.563) ANALYSIS OF CHANGES IN NET FUNDS At 1.1.24 C&sh flow At 31.12.24 Net ¢asb Cash at bank 929,926 433,520 929 926 433 520 Total 929.926 433 520) 496 406 The notes form part of these financial statements Page 20
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparhng the.financial statements The fmancial stat¢m¢nts of the cbaritable company, wht¢h is a public benefit entity under FRS 102. hav¢ been prepared in a¢¢ordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Chariti¢s: Statement of R¢commended Practice applicabl¢ to Charities preparing their accounts in accordance with the Financial R¢porting Standard applicable in th¢ UK and Republic of Ireland (FRS 102} (effective l January 2019),, Financial Reporting Standard 102 'The Financial Rq)orting Standard appllcable in th¢ UK and Republic of treland, and thc Companies Act 2006. Th¢ financial statements have b¢¢n pr¢pared under the historical cost conv¢ntion, with the exception of inv¢sln)ents which are included at market value, as modified by the revaluation of rcrtain assets. The trustees consider that there are no matfflial uncertainties about the charity's ability to ¢ontinu¢ as a going Income Ministy Area Donations are recognised in th¢ p¢riod in which the incom¢ was intended ft¥r and once th¢ income becomes probable. Income from grants, administration fees, rents and investment income, is r¢¢ognised once the charity has entitlement to th¢ income. il is probable that th¢ income will be receiv¢d and the amount of incom¢ receivable can be measured r¢liably except for, wh¢n it is specified that in¢om¢ from grdnts received by the charitable company are to b¢ used in fvture periods. then the income is def¢rr¢d until that period. Expendfiture Liabilities are recognised as ¢xp¢ndithre as soon as there is a legal or constructive obligation ¢ommitting the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendithre is accounted for on an accruals basis and has been classifi¢d under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Alloeation and apportlonment of eo$ts Certain expenditure is directly attributabl¢ to spc¢ific activities and has been includ¢d in those cost categories. Certain other costs. which arc attributable to mor¢ than one activity, arc apportioned across cost categories on th¢ basis of an estimate of thc proportion of tim¢ sp¢nt by staff on thos¢ activities or estimat¢d usage. Tangible fixed assets Dcpreciation is provid¢d at the following annual rdtes in order to write off each ass¢t over its estimated us¢ful life. Frc¢hold propety Fixtures and fittings Computer equipment 10/0 on reducing balance I 00/0 on cost 25/0 on cost IDvestments All listed investments are stated at market value at the balance sheet date. The mov¢ment in valuation of investments is shown in th¢ Statement of Financial Activities and Comprises botb realised and unrealised gains and losses. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounllng Unrestrict¢d fimds can be used in accordance with tbe charitable objectives at the discretion of the trustees. Page 21 continued...
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS - tontinued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTIING POLICIES - contlnued Fund accounting Designated funds ar¢ unrestricted funds earniarked by the Trustees for particular purposes. Restricted ndS can only be used for particular restricted purpose5 within the objects of the cbarity. Restrictions aris¢ wh¢n sp¢¢ified by the donor or when funds are raised for particular restricted pUoses. Further explanation of the nature and Purpose of each fijnd is included in the notes to the fmancial statements. Related parties Due to the nature of the charity's operations and composition of the board of trnstees it is inevitable that transactions will take place with organisations in which a m¢mb¢r may have an interest. All transactions involving organisations in which a trustee may have an int¢r¢st ar¢ conducted at arn]'s length. The Charity has a policy that all tSteeS must declare an interest if a related paty transaction occurs. DONATIONS AND LEGACIES 2024 2023 Ministy area donations RBCW block grant Other grants StNctural Resilience Fund Evangelism grants Sundry donation & other income 1,612,869 240,310 759,318 337,810 306,467 1,500,822 400,000 118,731 598,926 309,599 336.627 3,340,100 3,264,705 INVESTMENT INCOME 2024 2023 B8nk interest - general Inveslment income from listed investments - general fund Investmenl income from listed investments - widows & orphans 29.670 72,032 84,825 69,478 20.170 121,973 174,473 Page 22 continu¢d.-.
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR EIYDED 31 DECEMBER 2024 INCOME FROM CHAiUTABLE ACTIVITIES 2024 2023 Activity Adniinistration contributions Support for Ministy Rents du¢ to Parsonage thnd Church Prop¢ty Parsonages improvements fund BDBF grant to parsonag¢ fund 82,960 52,741 75,523 71,122 Church Propety 287,2110 135,670 Chuwh Propety 265 639 241,320 688,540 523.635 CHARITABLE ACTIVITIES COSTS Support Costs (sce notc 6) Direct Costs Totals Support for Ministy Support for Parish¢s Church Propety Grants & Other Financial Support Communication 2,103,566 108,760 634,444 898,236 359,292 359,294 89,824 89,824 3,001.802 468,052 993,738 89,824 89,824 2,846,770 1,796,470 4,643,240 SUPPORT COSTS Governance costs Managem¢nt Totals Support for Ministy Support for Parishes Church Property Grants & Other Financial Support Communicatio 862,165 344,865 344.867 86,217 86,217 36.071 14.427 14,427 3,607 3,607 898,236 359,292 359,294 89,824 89.824 1.724,331 72.139 1,796,470 Activity Management Governance ¢osts Basis of allocation As below As below Support for Ministry Support for Parishes Church Ptopety Grants & Other Financial Support Communication 50•/0 20•/ 20•/• 5./ The basis of allocation is estimated usage as accepted by Church in Wales Gov¢rning Body Page 23 continued...
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 NET INCOMEI(EXPENDITURE) Net incomel(¢xpenditure) is stated after chargingl(cr¢diting}". 2024 2023 AuditOTS' remuneration Auditors, rcmuncration for non audit work Depreciation - owned assets 13,440 3,847 12,960 1,828 14,138 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses Trnstees, expenses totalling £938 was paid for the year ended 31 December 2024 and £112 was paid for the year ¢ndcd 31 Dw¢mbw 2023. Thes¢ ¢xp¢nse$ mad¢ up of rcin]burs¢d trav¢l, subsist¢nc¢ and accommodation costs for 7 (2023 - 3) trustees. STAFF COSTS 31.12.24 31.12.23 Wages and salaries Social security costs Oth¢r pension costs 736,901 69,321 507,837 44,016 69,036 901,171 620,889 The average number of employees during the year was 22 (2023: 20). The av¢rag¢ monthly numb¢r of full time employees during the year was as follows: 21124 2023 Chief officer Financ¢ officer Education Llan Other 18 14.1 The number of employees whose employee benefits (excluding employer pension costs} exceeded £60,000 was: 2024 2023 £60,001- £70,000 Page 24 continued...
BANGOR DJOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31 DECEMBER 2024 STAFF COSTS- Continued The charity considers its key management personnel ¢ompris¢ five members of Tim Deiniol with rnanagement responsibility for colleagues. Total emoluments, including employer pension contributions, of the key management p¢rsonnel were £338,729 {2023 - £219,931). The charity operated a d¢fined contribution pension scheme for its employ¢¢s and th¢ cllarity made p¢nsion contributions for 24 {2023 - 24) staff m¢mbers. io. COMPARATIVES FOR THE STATEMENT OF FJNANCIAL ACTIVITIES Unrestricted funds Restricted funds Total funds INCOME AND EI¥4DOWMENTS FROM Donations and legacies 2,952.871 311,834 3.264.705 Charitable activities Support for Ministry Church Propety 75,523 75,523 448,112 448,112 Investm¢nt income 71,661 102,812 174,473 Total 3,100,055 862,758 3.962.813 EXPENDITURE ON Charitable a¢tivttles Support for Ministry Support for Parishes Church Propety Grants & Other Financial Support Communication 2,050,645 539.131 264,461 66.113 66.113 312,469 6,730 472,640 288 288 2,363,114 545,861 737,101 66,401 66,401 Total 2.986.463 792,415 3,778,878 Net gains on inv¢slments 306.777 118.472 425,249 NET INCOM Transfers between funds 420,369 65,594 188,815 65,594) 609.184 Net movement in fvnds 485,963 123,221 609,184 RECONCILIATION OF FUls Total fimds brought fonvard 5,320,702 1,527,870 6,848,572 TOTAL FUNDS CARIUED FORWARD 5,806,665 1.651,091 7 457,756 Page 25 continued...
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 DECEMBER Z024 11. TANGIBLE FIXED ASSETS Fixtures and fittings Freehold property ComputeT equipxnent Totals COST At l January 2024 Additions 262,500 44,533 37,608 4,882 344,641 At 31 December 2024 262 500 349 523 DEPRECIATION At l January 2024 Charge for year iOJ44 2J22 35,629 4,453 27,728 5,967 73,701 12,942 At 31 December 2024 NET BOOK VALUE At 31 December 2024 249 634 262 880 At 31 Dec¢mb¢r 2023 252.156 270,940 The building is owned jointly by th¢ D¢an and Chapt¢r of Bangor Cath¢dral and th¢ Dioc¢san Board of Finance (DBF). £350,000 was spent on the building in 1994, the DBF share is 75 % (i.e £262,500). 12. FIXED ASSET INVESTMENTS COIF investments MARKET VALUE At l January 2024 Disposals R¢valuations Unrealised (gain}Iloss now realised on disposals 5,940,700 (60,437) 215,869 (135,118) At 31 December 2024 5,961,014 NET BOOK VALUE At 31 DeCernb 2024 5,961,014 At 31 December 2023 5,940,700 There were no investment assets outside the UK. Page 26 continued...
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR EIYDED 31 DECEMBER 2024 13. DEBTORS: AMOUNTS FALLING DUE WtrHIN ONE YEAR 2024 2023 Ministy area donations Other debtors Accrned income 154,012 346,371 544,028 188,524 393.634 295.267 I,Ib44 411 877,425 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accruals and deferred income 561,235 15. LEASING AGREEMENTS Minimum lease payments under non-cancellable opuating leases fall due as follows.. 2024 2023 Within one y¢ar B¢tw¢¢n on¢ and five years 20,472 20,472 37,532 58,004 16. MOVEMENT IN FUNDS Net movement in funds Transfers b¢tw¢¢n funds At 31.12.24 At 1.1.24 Unrestricted funds General thod 5,423,106 252,156 131,401 (332,185) (2522) 5,090,921 249,634 134202 Capital reserv¢ Operational reserve 5,8116,663 (331,906) 5,474,757 Restricted funds Parsonage board Widows & Orphans Good Hop¢ Foundation The Repres¢ntative Body of the Church in Wales (RBCW) Investments MTS Ida M Deanesly 565,771 868,560 10,228 5,743 39,062 423 571,514 907,622 10,651 206,534 16J89 (2,193) 2,193 220,730 2,193 1.651,093 61,617 1712,710 TOTAL FUNDS 7 457,756 270,289) 7 187,467 Page 27 continu¢d...
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 DECEMBER 2024 16. MOVEMENT IN FUNDS - continued Net mov¢m¢nt in funds, included in the above are as follows: In¢oming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 3,183,024 (3,688,954) (2,522) 173,745 (332,185) (2,522) 2.801 Capitsl reserve Operational reserve 2,801 3,183,024 (3,691,476) 176,546 (331906) RtriCted funds Parsonage board Widows & Ory)hans Good Hope Foundation Evangelism Fund Th¢ R¢pr¢s¢ntativ¢ Body of the Church in Wales (RBCWI Investments 626,008 29559 440 306,467 (638J32) (6948) (17) (306,467) 18,067 16,451 5,743 39,062 423 5,115 11,274 16J89 967 589 951764 TOTAL FUNDS 4 150,613 (4,643,240) 222,338 (270,289 Page 28 ontinu¢d...
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BAINGOR NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 16. MOVEMENT IN FUNDS - contlnued Comparatives for movement in funds Net movement in funds Transfers between funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 4.945.033 254.703 120,966 412,479 (2,547) 10,435 65.594 5,423,106 252,156 131,401 Capitsl reserv¢ Operational r¢s¢rv¢ 5,320,702 420.367 65,594 5.806,663 Restricted funds Parsonage board Widows & Orphans Good Hope Foundation Evangelism Fund The Representative Body of the Church in Walcs (RBCW) Investtnents 535,803 784,912 9,748 791 95,562 83,648 480 (791) (65,594) 565,771 868,560 10,228 196,616 9.918 206.534 1,527,870 188,817 65,594 1,651,093 TOTAL FUNDS 6,848,572 609.184 7,457,756 Comparative net movemenl in funds. included in the above 3re as follows: Incoming resources Resources ¢xpended Gains and loss¢s Mov¢m¢nt in fjjnds Unrestricted funds Gen¢ral fund 3.100,055 (2,983.918) (2,547) 296,342 412,479 (2.547) 10,435 Capital reserve 0ratiOnal res¢rye 10,435 3,100,055 (2,986,465) 306,777 420.367 Restricted funds Parsonage board Widows & Orphans Good Hope Foundation Evangelism Fund The Represent2tive Body of the Church in Wales (RBCW) Invcstments 524,490 26,816 480 309,598 (475,242) (4,455) 46,314 61.287 95,562 83.648 480 (791) (310,389) 1.374 (2.327) 10.871 9,918 862,758 792,413) 118,472 188,817 TOTAL FUNDS 3,962,813 13,778,878) 425,249 609,184 Page 29 continued...
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 16. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds Transfers b¢tween funds At 31.12.24 At 1.1.23 Unrestrirted funds General fund 4,945,033 254,703 120,966 80,294 {5,069) 13,236 65,594 5,090,921 249.634 134,202 Capital reserve Op¢rational rery¢ 5.320,702 88,461 65,594 5,474.757 R¢strActed funds Parsonage board Widows & Orphans Good Hope Foundation Evang¢lism Fund The R¢presentative Body of the Church in Wales {RBCW) Investments Mrs Ida M Dcanesly 535,803 784,912 9,748 791 101,305 122,710 903 (791) (65,594) 571,514 907,622 10.651 196,616 26,307 (2,193) 2,193 220,730 2,193 1,527,870 250 434 65,594 1,712,710 TOTAL FUNDS 6,848,572 338,895 7,187,467 Page 30 continued...
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 16. MOVEMEN[ IN FUNDS - Continued A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resources expend¢d Gains and losses Mov¢m¢nt in funds Unrestrieted funds General fund 6,283.079 (6,672,872) (5,069) 470,087 80,294 (5,069) 13236 Capital reserv¢ Operational reserve 13,236 6283,079 (6.677,941) 483,323 88.461 Restricted funds Parsonag¢ board Widows & Orphans Good Hope Foundation Evangelism Fund The Representative Body of the Church in Wales (RBCW) Investments 1,150,498 56,375 920 616.065 (1.113,574) (11,403) (17) (616,856) 64.381 77,738 101,305 122,710 903 {791) 6.489 2,327) 22,145 26,307 1,830,347 (1,744,177) 164,264 250,434 TOTAL FUNDS 8,113,426 (8,422,118) 647,587 338,895 The gen¢ral fund is partly r¢pr¢sented by St D¢iniol Endowment inv¢stments of £4,501,332. Purpose of Designated Funds Capital reserve This res¢rve represents th¢ value of the prop¢rty. Operational reserve The operational reserve is to cover unforeseen ¢mergencies, contingencies and oth¢r related costs. Purpose of Restriet¢d Funds Par$onage Board The Parsonage Board fund was estsblished to maintain parsonages. Widows & OrphaDS Th¢ Widows & Orphans fund is used to subsidise pension of clergy widows and dependants and to bring r¢li¢f for those who may be in need. Good Hope Foundation The purpose of the fund is to finan¢¢ educational activities for disadvantsged children in the Anglican diocese of Lango, Uganda. Evangelism Fund The pury7ose of this fid is to finance th¢ operations of the Llan project. Page31 continued...
BANGOR DIOCESAN BOARD OF FINANCE BWRDD CYLLID ESGOBAETH BANGOR NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 16. MOVEMENT IN FUNDS - continued The Representative Body of the Church in Wales OiBCW) Investments RBCW Investments are held on trust for the g¢n¢ral purposes for th¢ Diocese of Bangor, for the benefit of Clergy and widows of deceased clergy in the Diocese of Bangor as the Bishop of Bangor from time to time may direct. Mrs Ida M Deanesty For thc bcncfit of retired ¢lcrgy in thc Dioccsc of Bangor. 17. RELATED PARTY DISCLOSURES Due to the nature of the charitys operations and the composition of th¢ board of trust¢¢s, ther¢ is a close conn¢¢tion between the Bangor Diocesan Board of Financ¢. th¢ Bangor Dioc¢san Housing Association ,Bishop Henry Rowlands Almshouses, Bangor Diocesan Trust and The Dean and Chapter of Bangor Cathedral (BaDgor Cathedral). During the year to 31 December 2024, the following transactions took place: Bangor Diocesan Board of Finance invoiced Bangor Diocesan Housing Association £12,237 (2023 - £11.654) in administration fees and £2.423 (2023 £2.423) in rent.. At the year end £12.237 (2023 £11.654) was still outstanding. Bangor Diocesan Board of Financ¢ invoiced Bishop Henry Rowlands £27,119 (2023 £24.224) in administration fees. At the year end £27,1 J 9 (2023 - £24,224) was still outstanding. Bangor Diocesan Board of Finance invoiced Bangor Diocesan Trust £45,288 {2023 - £39,645) in administration fees. At the year end £45,288 (2023 - £39,645) was still outstallding. - Bangor Diocesan Board of Finance invoiced Bangor Cathedral £73,155 (2023 - £279.146) in recharg¢s. At the year end £220,136 (2023 - £279,146) was still outstanding. 18. CLERGY HOUSING LOAN The charity has a charge against a propety to cover a loans made to a retiTed cl¢rgy to purchas¢ a prop¢rty. The value of the loan at 31 December 2024 was £30,000. 19. PEI¥4SIOIY COMMITMENTS The charitsbl¢ company op¢rat¢s a defmed contribution pension scheme for the office employees. The assets of th¢ scheme are held separately from those of the charitable company in an independently adminis*r¢d fund. Pag¢ 32