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 n￿Ints1n 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 PERFoR1￿NCE
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¢¢ss￿lIY 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 manag￿lent, 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 f￿anCIal 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 refl￿t 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 all￿ed 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 DI￿esall 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 Sa￿lfiCIal
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¢pre￿ntatIVe Body of the Church in Wales of
th¢ Partnership and st￿ctUral 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
s￿retary.
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 tn￿teeS 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¢ I￿ndOn 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 n￿terIal 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 infOrn￿tiOn. 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 f￿all¢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 f￿anciaL statements as a whol¢ ar¢ fr¢¢ from
material misstatement, whether due to fraud OT e￿Or, 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
ac￿rdance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from
fraud or e￿or 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 pU￿oses.
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 t￿SteeS 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 FUl￿s
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)
R￿triCted 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
0￿ratiOnal 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 re￿ry¢
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 fi￿d 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