Presbyterian Church of Wales (Reglstered Charlty Number 1132022) Annual report For the year ended 31 December 2023 Presbyterlan Church of Wales Annual Report for the Year Endod 31 December 2023 Contents Pago Truslees, offi¢ers arKI ajvisers Annual Report of the trustees Independent Audilor5' report 15 Consolidated Statement of Fina￿la1 Aclivilies 18 Consolidated and Parent Charity Balance Sheets 19 Consolidaled Cash Flow Statement Noles to the financlal slalemenls 21 Presbyterlan Church of Wales Trustses, Officers and Advlsers Ltyal •trtu• ofth• Pre•bfvlm Church of Wal Thg Presbytsrfan Churth of Wales {81so as thè Calvlnlglc Mgthod16t Church ofWalg$1 fiha Church'} L8 a cw r8glstered wlth the Ghallty Comml8slon Icharlty numtw 1132a2218nrl F govem&(I by f￿ constttution adopted In 2008 and amendod in 2016. together tprith ils Hèndbcd¢ of Order and Rul83. Cons￿lutIOnal Deed 1826, The Calyinistlo Methodtst or Presbylerfen Church of Wales Act 1933, and the Calvlnlslk Methodist or PresbyLerian Church of Wales (Amgndmenii Act 1959. Th8 Church was reglslered ¥￿th the Charity CommAslon on 7 October 2009 havlng waviousty been an excepted charlty. The trustee appokntmants are confinr*ed al the Annual Genoral Mggtiry, the Gewal AoEembty each ybar bofore completlng induGtlon actIvIt￿. The truste0$, who serrfed during the y9ar to 31 Decomber 2023. and up to the dato of approval of thè finandal statements, are as folkJw5: Mrs Kathryn Morrls Rev Brfan H Jon•6 Treasurer of the A8sockqlion Sn th• South Ch￿r of the Minlstrtes D8partrnant and Chair of Trustees Assodalion In th8 North Treasurer of the G&Tr8ro1 ABsembty (R8tlr8d 31 D￿mber 2023, Reappolnted 12 June 2024) Treasurer ofthg Goneral Assembw (Appolntgd 1 January 2024. D8cea88d 11 Junfr 20241 Treasurer of the As8oclallon In th8 Ea8t Trea￿rer of thg A38DCiation in the North Mcthrator of General Assombly (Ratired 11 Juty 20231 M(xler8tor of Gonèr81 Assembly (Appointsd 11 July 20231 Ch81r of the R8sOUn￿ Departsment 8n(S Propatles Board Clerk of th¢ AsgoGlallon ￿ the East Clerk of the Assoclation in th& South Cwptod Rov E￿n Rkhords Mr Hy4Yyn Pritchy Rov laln Hodglrbs Rev J Paul Mor9an Mr L)ewi LO￿$￿One9 Rev T EvBn Mory Rev O Aneurln iknn Mr Slophen Wym Mr lan Hayward Mr Anthony Platt Mr Cllff Williams Prfnclpal Addr••• Pr88b￿e￿sn Church of Ihlales Tab8made Chap 81 Ma1hyr Road Whkthurth Cardrff CF14 1DD PrSn¢lp•l Offlc•r• Rov Nan Powelt-Davle$ Gtsner81 Secretary Mrs Fr￿n Willat Hgad of Corporal Mrs Joanna Th0rn8s-Wright Head of StrateglG Suppc Rev Wayne Adams As¥l8tanl Director of Mlnistrle8 Mr Hedd fvAorgdn Asslstant Dlrector ol MlnL*trtes Mr Andrew Brttton H88d of Flnan¢e Mr Nell Poulton Head of Propoity Mr6 Sharts Rupalla Hgad of HR and Log41 Support Bank•r8 Indynd•nl Audltors Bar¢lays Bank pl¢ 85 High Slrget BlathvoD NP2 1ZA Az8ts A￿jIt Servlces Ty Derw Llme Tree C￿rt card￿ Gats Bu5kness Pafk Cardlff CF23 8AB Presbyterlan Church of Wales Trust••s, Officers and Advlsers Inve•lmgnl Manao•rs A¢iuarf98 and P•nglon Admlnl*trattsr Rathbones (Inv6steG Wealth & Inv•slmenl Ltd) 30 Gre8ham Street London EC2V 7QN Bam8tt Waddlngham LLP St James's House St Jam8S'8 Squ•rfj Cheltenh8m GI08 GL50 3PR Inve8thMnt Man89•rn (Prop•rtlu B￿rd Deposlti H••tth and Baf•ty Advi8gr8 8arc4ay8 Weath aTrJ In￿8¢monts 1 Churchdl Pla¢0 C8nary Wharf London E14 SHP CDM Consultant Llmited 12 Morlah Maw8 Rb¢a Newport NP116RL solldtors (Including Charlty and Employm•nt Law) Connexl¢)nal Prop•rty 8oll¢ltorn Geldards LLP 4 Caplt81 ()Jarter Tyndoll Strèét Cardlff CF1048Z ADVE Sdlc*or8 33 High Slrgfjt Larnpeter C8redbk*n SA48 78B Presbyterlan Church of Wales Annual Report of the Trustees Tho Irustsos are ploased to present thelr annual r8PJrt togothor wth a￿￿￿ed consdid81gd finanaal stst•monts of th8 Pf8sbyi8rlan Churth of Wale$1lhe Church'} for tho ye¥ 8nded 31 Decernber 2023. Th• flnan¢lal staloments hav6 L*en prepared on a golng ¢oncem basls In Complian￿ wNh th8 applicab a￿oUntIng standards Sn the Unlted Klngdom Induding lh& Ststemont 0fRel￿Me￿ded Practico (SORPI: A¢￿￿nthg and ReportlTha by charft￿9 In preparing their finE￿claI slatements in accordan￿ I￿1h Fln8nGlal Rwrtlw Standard {FRSI applicabl• n th8 UK and RepubHc of Iréland IFRS 102). Charltable Sl•tu• Th8 Chwch was reg15thd 85 8 chatywtth tho Charlty Commlssion for England and W•l8s on 7 O¢tobw 2009. Prior to registroilon th8 Presbyterian ChurGh of Walgs Was en excepbJ Gharity. This regbtralon C¥)vets Iho cenlrnl body of tho Presbylerian Church of Wale6 only and doès not cover hjcgl churches. Pre$byterles or the Assfrsatbn In lh& Ihr•e Provi￿8. DiscJJ89ions are owolng wlth the Charfty Comml88kn In r8lath)n to the constituiim and wheth8r or not on0 CentTal reglstration could cover Ihg wholg Chuth in tho fuiur& Church obJg¢Uv•s The purpose ol the Churth ig to Krfship and 8pr&ad Ihe Gospel of Ihg Lord Je8LL8 Chrisl as It Lq revealed In Ihe Scrfptures aThY expound8d In our Dothnal gtandards, by establishlng and rnalntsinlng fellowshras of pwl8 wor8hlpplng God and bell&vlng In the Lord Jesus Ch￿st. We s68k to Achiev& thL8 prtsa¢hing the Gospal, administortng th8 sacramgnts. p•sloral caw of local Ghurctr*s, holdlng Mee￿[￿ forfelowship prayer. r¢llgbu8 tknlkal 8duGatlcfft and tr81nlng In the Fahh; S￿nary wang¢lblThJ at hc¥no and abroad, 8ettlng pwle a$lde for IhlB vKYk; provkffnq and publitshlrKJ Ilterature. settlng an exampte of CM61i8n IHB and good work8. serving our ciYnrnunibe¥ ￿ OLW country through pradiG4 athltr, takty a stand for justlc• and peace In the wortd,. safewardlng our envlrcment In evfjry po$8lblp way. In or(l•r to mo91 Its obl•ctNes the Gènèral hsaambly, towther with tNstO98. arKI its ￿n8￿luent courts llew annualty the deY8loFThent3. actmtles, 8chièv•ff￿ts and pèrfomwnco ol Ihg Church. In plannlng rèviowing hs actl￿deS the Church h88 ccfftsldered thè Charfty Comm18slon's guld8nce on publio b¢npni and ￿ part￿ul8r the spednc guklanca ￿ tharilbs for Iho advancement of rellglon. Orynl$atlon•l 8tru¢tur• Tho uhlmato dodslon rnaklng boty ofthe Presbyterlan Church of Wales18 th& General A8sembW whl mo9ts annually. The General AsBembly 1$ r8FYgsentatlve of thg Church wlth Trpre8entstives belng nomlnatgd by the General AssemL4y Board and Departments of Gènwal Asa8mbly and akn th8 As8ocW¢)n kn th• threè Provlnc8$ and tho 14 Presbyteri88. The day lo day runnlng of the Pr8sbWorSan Cl)ur¢h of Wal08 and the Impl8mentat•Jn of thg dodslons of Ggneral Assen￿Y L8 ￿rrfed out by Its Gon6Fal Assembly Bowd arKI118 Ex&c4Jliv8 Comrnitteerrrnst Group wKh spo1ifiG is¥ue5 doaltwlih by slx departrn8nt8. Eath d8patrnent prosents a report annualty lo the General A3¥•mbty through thg I3￿ra1 Assembty 8oanl, It Is only the tronsoctlons and the assels and liabllllles controlled by the General Assem￿ Board and the Departm￿5WhlGh am indudgd In these flnancSal stat&mènts. The ¢harfty r•glstradon coveFB thesefunds only. Intsf-fund grants, debt0￿ and credltors are ellmlnated on ctsnEdldakn. Presbyterlan Church of Wales Annual Report of the Trustees Al tranSac￿On6 and 8s69tsALqt41111e8 admlnlslered by k¢al Church￿, Pre8byterios aNI the As6rt1thn In the thr8a prov1r￿S ar8 exclud￿ from these finan¢l818tatsments. The Bo*d of th¢ calvi￿th Methc*li$t Churth ofWalg$ or tho Prg$byterfan Church of Wales ('Propwtses Board'l Is tho CLI$1￿lan tru8ts8 ofthg Pre5byivwn Chur¢h of W9188. The Propertkn Board, b¢￿Y c(Ywrate creatsd by Thg Calvinistio MethodlBI or Presbyterian Church of Wgles kt 1933, admlnlsters funds on behalf of local churches. Prosby￿￿e9. the Association and oth8r fiJnd6 afflllated to the Presbytsrlan Church of W￿¢8. Al swh fund6 are u8ed In accLYdancè wllh th8 obJect8 of the ProsbyterS8n Church of Wales. The lund5 aro hold seporatety from other assots of tho Prosbfftrwn Ch￿ch of Wales. Tha Proport1è1 B08rd has a separats bank account and th8 maMty of fvnds are manag8d by Barclays Weallh Management . At a local level, the Presbyterlan Church of Wales is comprised of (he Asso¢iath)n In the three provlrKe6 (the ￿rth 8fKI South AS￿la￿on belng malnly Welsh spe8klng With ihe Assoclakn¢ In the Ea51 belng the Eng118h speaklng 8ectkn of thg Churth). Each A88ociatton is divided into Pre8byleri&s of whith therg are 14 In total. Each Nidmdual local church Is a methr of a Pre8byigry: the slzes ofthe current Pre8b￿￿e$ vary from 21 up to 56 churches. There were d77 churches at 3111 Deeamber 2023 (2022.. 496 churcho6}. Rèlatsd partl•g The Chu¥th undort8kes SDme of its work at Ks contr8s at Bal8 8nd Trets￿. These ¢entres have been ostabllshed as 58por3ta Gharlll05 atthough they bDth rekxfft lots￿ Rasources D•p8rtmant. Th8 Candldai88 and Tralning Department FurKI ha5 also bgen fjstablishgd as a ￿parate charfty arKI rgports to th8 Minislries Deparfment. The tran8ackn8 ol ihese three charlle8 are fiAly consc4klated Ints thg finandal 8tAtements. prlndp81 {￿taCt &YdrewB and maln acti4Atbg6 ol each charlty arg.. Colgg y Bala. Ffcffdd Ffrydan. Y 881a, Gwyn•dd, LL23 7RY Col8gy Bal8c4)ntlnues to be Chur¢h'$lralnlng cantraforchlldmn and young poople an¢Y ￿nth)u6$ to employ gap ye8r slud8nts a5 Part of Its prograrrmne. Col¢g TrgfoGa. Trof•¢a, Br¢Mn. PDYrys, LD3 OPP Coleg Tr¢feca wa$ the Lay Training Centrè for the C*urch th8 work guldeo by thè Candklate8 8nd Tralnlng Department Fund. new Ch8rH8bl8 Incorw)ratad Organi88tlon frK Coleg Trefeca was estsbllshed kn Juna 2024 $upersodlry the prevlous charty. Candldales and Training Doportrnent Fund. T8b8m8cle Clwl, Mèrthyr Ro8d, C8rdrfl, CF14 1DD The objéct ofth8 charfty16 to provk10 tralnlng for mlnlgty for Ihe Pr68byl81ian Churth of Walas. In addhion. lh9 Church b the ulllmaie contrcqling party of IheWe16h Cthlnlsllc M8thc•JlstA5surance Trust. The prirKlpal activty of the coff¥>any was th4t of an inswancg company. However, the company cea88d to Irad8 in 2006 arKI is curr8nUy doTmant. Cq)le$ of Ihe financ4al statem•nts of al the abov8 ontitlo8 can be obtakned Irom tho Gon6r81 Se¢ratsry of thfr Presbyterian Chur¢h of Wèl8$ at th• princlpd address shown page 3. A of fv r¢$u115 and flnaneAal posltion of the threo ¢haritias 16 $01 out below.. Presbyterlan Church of Wales Annual Report of the Trustees ¢ol•g Y 8a1• Colug TY•fvA CandklatsF aThJ Trnlnkng artmgnt Fund Y•ar end•d Year •ndod 31 D•e•mb•r 2023 31 D•c•mb•r 2023 £'oDo Y•ar End•d 31 D•c•mb•r 2023 Incom• From Cthh ofWd•8 ChaTVAtle ActMtI•8 (hid ct+urgè foo81 In¥￿tMe￿ IK•me 4TrJ IntOrnSt 33 48 26 182 42 ExpeNlltur• Solarles and w49$ 63 129 33 8urplLM I ID•lklt3 171) Col•g Y Bala Colfrg Trthc• C•ndldAl•s and Tr8lnlng Department Fund 31 D•G•mb•r 2023 21 D•e•mb•r 2023 31 D•twnb•r 2023 T￿gli￿O Ftx•d A89èts Hgrltagg As89ts Investrnonts 219 280 335 Ftx•d A8*•ts 89 499 333 N81 Cutyènl knetsl(Lbbllt*s} 162 241 223 722 225 UnroBtrkt•d Fund8 R•8tfthd Funds Tot*1 Fund• 241 442 280 712 241 8umm•ry ol d•volopm•nts, *ellvlll•8. •¢hl•v•monts and perfomianc• Thè develotffi8nl& 3ctivi*"es ano athièvemgnts Df the Church are revlaw￿ in thg r¢porls of the General Assembty Board end the departments published In Ihe General Assembty pro¢8odings. In 2023. t￿ 88gds of Hopo app￿4 fcy Chrfsttan Ald was drawn lo s ck*e, ral8lno £15)K p￿1 supportlng Ihost who affected by dIrr￿te rhang8. specrfically In Kenya and Honduras. Cdeg T￿r0￿4 wa8 closed for much of 2023 dué to emergency repaifs to the accommodaliot) blo(a( and rofurfoi%hmént of som8 of tho other spa¢06. w• Telolce that toward8 the end of the year It was (mce again availablo for both day and ￿sidential uso. The work kn seeurfng a partner for Coleg y B*8 continu9& In October 2023, the Mc*YeratcY and Goneral Secretary were lolnad by Mlnlstws 8 wellbelng retreal In AberyS1w￿h for a timo of prayor. fellowship and refiecllon. Presbyterlan Church of Wales Annual Roport of the Trust•6$ In 2023, tho G8n8r81 Sécretary conv6n•d th8 Poll¢y and Slratw group. whth foeuss•d on 6 ￿YeS. Relationship with Ihe thurch In1Th118. We eortinu• to havg a close rel8llonship wth the Churth In Indla Ihrcwgh prevlou6 rn588lon work The undoubted hlghllght of 2023 w8$ to ordaln Revd Robe￿ Lalblaksangl. orfglnally frorn the Mlzor8m Synod. In O¢tober, the PCW launched weokty online KKayor app6al to pray ftff thg len8 ofthousand5 olpwplè who hav8 b8en dlsplaced by vldenco tn Monl)ur. Mombershlp.. Imth meMbernh￿S ￿ntinUIng to decreaso. our main source of Income 8180 d8¢rease8. The group dI￿u$$9d other VMYS of lunthng Ihe WO￿ of Mlnlsty whlch induded Ino)m8 frr#n our buddlngs. Use of Rgdundant BulldirGs'. Along81d• dl8¢U88k)ns In regards d￿reasIng mombernhlp c￿0 inwmol Posslbllllas w8r• sought ab￿t I￿easIng and divor8tfyirfj in¢om8 from wr bulldlng8. Communi¢ationB: DIscus8lon8 wgre held regarding communlcatlon both willin outsklq of the ¢hur¢h. Rhlan Melhulsh and Gwonsn Ev•ns wore appointed as part of the ¢ommunlcatKffl tgam. 88 well a8 8xpertLg8 consutt8Uon %Nkes from Revd Gethin Ru￿1 Plon88rfry Mlnlsty.. FclIo￿n9 ￿MM11M8n1 Irom the Mlnlstrlos Departm￿1 to fund 14 ngw posts almed at frg$h expretssbn8 of chwch and reachlng pgopb who we do not ¢￿Tren￿Y 81tract vla our tradluonal mlnlsty, the groupdlscussed wayswhich thi8 wlll be expand8d and fvnded bey¢)nd tho Init+al 3 y8or8. Th8 Cburch relolc•d In wol¢oming rrvJre work8rs Inlo th8 Prone8r Minbstry P)514 namety Jos and Lydla Edwards who 8r8 planlng 8 churth In Blaenau Ffestlnlog, Karen Hayward Snto a WelkBelng Coun5ellor TO￿ and Sarah Dafydd Into Youfh Ministry. They loln Calrfn and Coray Hampton and Jonathan Klrk who wor• 81rgady wt of the Plon88r wt Chldf8n and Youth: A Church-wkle ronsultatlon wa6 hdd to 4sc8rtaln the need8 of t1￿ ¢hur(* in regards 8UPPOrt and r¢8our¢e from the Chi[d￿n and Ywth toam. Th]8 work h onong Into 2024, and we contlnue lo welc¥)me feedback from tl* Chur¢h. FlnJncl41 r•vl•w One of the prThngry sourLw of Income 1$ the Ministy arKI Mlsilon Contdbutton {lornerty Connoxlonol Contdbullon) whlch18 u88d loward8 tho financwig of WT Minlsters. Mlssion and Field worlters throughout the Church. The conttnulng financlal viability of tha Chvr¢h 18 dap8ndent upon th• contrlbutbn8 of m8mbgfBhip as 8888888d 8nnualty and reflected In Ihe Min18ty and M185bn Contrlbutlon. CDntrlbulion8 fo￿l￿b￿ dThsed from £2,113k In 2022 to £2,OOOk In 2023 du8 to the fo11 In M•m￿rShip more than offsthrtg an increase in ralos p8r momber thaTggd. Thè Church'B ovw811 Ineomè In¢rè88ed from £4J)33k In 2022 to £5,118k in 2023. du• to an IncT88ss In other income, from sale of proptsrty. as noted b*w off8ettlng a d8cr80$9 kn inccth• ro¢8lvsd by th8 C4)tleges and centres from £425k in 2022 to £50k In 2023. Th8 Amount recelvable in 2022, an(1 not replicated In 2023, from hosting refLW from Ukralne al Coleg Trefr¢a of £388k accounung fc* most of th18 decréw. The maln Item wthln other incom818 a propthion of the pr¢)ceeds of sale of bullding5 ￿chI9 tr&nsf•rrod lo the Central fund8 a8 incom8, and thls wm Incrgased from £916k h 2022 to £2,072k In 2023. Tha flguro 2023 wa5 lrfated by one 8a18 where £504k was due k) the c£ntf81 funds Presbyterlan Church of Wales Annual Report of the TrustèQS A summary ofthe maln categtybs of Inrnme Is shown bgbw. £'ooo 2,0(KJ Mlnhlry Conirtbulknn8 D￿￿tkn￿. Ipgac406 and grants Invastm￿l tn¢¢m• Intsrp8t Incryno trom cdIeu￿ 8nd C￿lt￿8 Other Total 335 2,627 51.3 100 Expondknrn The maln Itam of eyndltur• eontlnu•8 to bè Mlnlsty ben6fft8 thl¢h wmpts88 th8 stipend, efrpknyer Pgnsion wnlrtbJlJons and employ6rs natlonal Insurance of all mlnigt9rs. In addltlon the Salary, employer P8nslon contrfbullon8 and amplDyor¥ national in5uranGg of GonlraGted ompbyeos promotlng thè lftter¢slÉ of the Church through the Mlnl$ldes Dopartment are In¢l{￿ed a8 ministry b8neifts. A prc*pDrtkn of5UPPCrft 18 allocatsd to Mln18terf8188nefits Isee Ni)te 8). A SLmmary ofthe maln c8tsGorles of expendttur¢ and Ihgir wrcgnlagg of Ihg lotal Is as lollows: Mlrlsty t•n•fft$ Ecum8nkal and PCWo)thbuUon$ Cdlego$ c•ntros Costs Olhar Totsl 74A 13 1Q 78 5.1 100 Results The net outgoing r8s0w￿. bofore movgments In Investments, octuartal galn8 and loss8s and an e￿9p1￿)nal itgm, have d•cro88od from a defictt of £1.42Sk in 2022 lo i deftcat of £75k In 2023. The movement be prlncip811y 8tirlbuted to the Increase In in¢om8 88 noted abov8 and 8 d￿108$0 exp8ndl￿re from £5,458k In 2022 to £5,193k In 2023. The de¢r68se was prlnclpally 8ttrtbut•d ltr docfoase In pemlon ¢osts from £1,104k in 2022 to £897k in 2023 ($98 note 61. The net movement In fund8 In 2023 after Invostment gains and losses. galns and los￿3 on pernion Bchema w88 8 dar￿ of £1,468k (21722.. surplu8 of £158k). In 2023 unre#lwl galns on Investsnorts w¢r¢ £380k and unreallsod a¢tu8rl81108s88 on the pe￿10￿ sthme were £1,774k12022: unr¢ali$ed l(we$ of £1,204k 8nd unrea11s8d aGtu8rlal gaSns £1,198k re$pectsvely). In addit1￿, In 2022 thér8 was an exceptional item in r8latlon to thg ¢losure cf thè defined bènefit pension schgm9 to futu accxual, 8 gain of £1.235k. Mlnlsty and mlsslon contrfbutkn (foTherfy Conngxlonal ¢onrrtbu¢lon) A dolallod revlew of overdu8 debts 18 regu5arly undortakon by tho ASSOC4a￿On In gach of thg thr80 rmvlnoes and by th8 Ex8cullve ComMNt•errn￿t0e Group. Durfng yèar, thwe h88 begn 8n Incre of£33k IPA) In th8 gr088 debtor from £463k at 31 December 2022 to £496k al 31 Dacember 2023. A bad •Jebt charge ¢f £245k has b68n mada agaSnst overdue Mlnlsty and Ml881on c)ntr1tr￿ons. The charya hag kncreo8ed by e30k in 2023 and rewosents a spgclfic charge agalnst 53 ovgrdue amDUllts, Presbyterian Church of Wales Annual R•port of the Trusteos During the ygar, capllal &xpern1ifure of£36kwas Inwed al Colog y Bala £14k, and Ihe Gèneral As8ernbty 0ffl¢g (IT systems) £22k: (2022.. £109k was incurred al Colèg y Bala £87k, Coleg Tref8c8 £17k 8nd the G￿er&I Assembty offi¢• £5k). In aLwrdanca wlth the provbtslon8 of FRS 102 (pw8 34.50 44.581. the v8luo ofthe How011 Harris Musèum togolher wtth artelarts transferr&J from the Nalional Llbrary of Walos, Aberyswh In 2014, Ioc8ts1 al Coley TrafKo and Included In the thandal 8tst8merts of Coleg Trefsxa has been Inclu￿ a$ a fixed asset In th8 group balance Bh8al al a valu8 of £280k12022.' £279kl. The valuallon used an In$uranc* valug and thg tru6t888 COn￿der this a rAist eff8¢live valuallon melhod for this type of asset. There are further datallg In Note 1- Statement of a¢￿Un￿ polKl88 and Note 11- Hèritage assets to the fimnclal $tatem8nts. Inv98tm•ntpollCyw￿P•rfOnTr•ne• Th8 G8ngrn1 A68embly ITr 2021 ccffiiTrmed Sn updaied Investmènt pollcy to allow ￿dar d￿or$I1￿ao0n c assets In th8 Fothllo subl9Ct the Churc* •thiGal and envlronmental poltcles. The resoluth?n r￿leS that th& astsets can be invested widely and Should b9 dfversrfiod by a568t ￿8$8. by manager and by 8ecwity. Assèt closses should Include ¢ash, bonds, •4Uiti83. propety, 8tfuclured produots, Comn￿rIrtlo9 and any other 888et that b deemed tsuitabl8. Assets should not b8 Inv06￿ In hedge nd$ or privat8 8quty. The Church has an ￿r0ed CUBloml$gd b•n¢hmark srxl stroteglc a88et allo¢okn for thg tthollo and measuring pérforman￿ with th? Investrnonl managers. The 8tratsgk 888et allocatlon L8 noted bel¢y and It is estlmated 75% of the portfolio ￿11 be dlrecl holdlngs and 25% vla poo￿ fLmds. The benthmark was ￿￿ended In 2023 to rernove the di8Einclion bOb•￿en UK and ov6w06 equit￿5 resulung In one headwigi gk)bal equltles. 8fMt•glc B•nohmarf¢ Alltsc•tlon 75% Gkjbal EquWe8 SE SK*re Ind8x & Ff8E World IEX UK) Index FfsE Govemmonl AN Sto¢ks Ind•x 5% IPD Monthty Index 5% Bank of Erylwd Rat 1*2%) Flxgd Int•r08t 15% InfraBlnKtr Ca6h t)uring the yoar to 31 DeCem￿r 2023. th• p8rfonnonco of the fund wa6 +7.47% agalrAt the bér**m•k 01+9.74%. Investment Pgrforrnance Is nK)nltored by the executive commthe appolntBd by the Resourc68 Dopartmenl and Properti88 Bwd by means of qvortprty reyJrt8 and at least one rneetsng per year wlth the Invostm6nt manyr. The Church hokJ$ 11 prcy•rt*5 for Investsngnt purpo$08 811 ofwhi¢h ￿Ta vahjod In 2022. Five Pr￿rt￿ts wer8 v8MJed by Pry8 Jon8$ & Booth (Chartored Surveyorsl. Abfjr9ele and lour by Seél & Co (Charttrod Surveyorn), Cardfff. one ty Morgan and Davi83 {Chartered Surveyors). Lampeter and or* by Mccartneys {Ch8rt&red Survoyorsl. BrefJ)n. One property w88 transf•rred from ftxed a668ts Sn 2022 and wa8 Iran8fèrred al net book valu8 and one property was pwchased In 2022, tx)th w8r8 rovalued at 31 December 2022 by a Chartered SUrvoy￿. Al properM8s are 8(*eduled to b8 vakned every three y8ars. In the Intentsning y8gr5 m8rket Vall￿ are adlusted ￿Ing a recogni$$d Indox. 10 Presbyterian Church of Wales Annual R•port of th• Tru$tso8 T8n prop8rti8s arg res￿entIal., tho eleventh prwty wa$ wuired Ir* 2012 at a market valuo of£180k, as p8r a ch8rtarBd survwrs r8POrt. The pryty Is a commercial proporty. locat8d ngxt to Ihe central offlc4 Sn Whttchurch. CardMI 8fKI was pyevlously managed by th8 trustee6 of Tab9macl& Chapol, WNlthur¢h. CardKr. R•sourn• •xpendod The church doe8 not w￿*rtake any fvnd*ralsing acliY4t195 aTrJ, con8equenlly, th8re are no costs of 9gner8lng fund8 to di#doge. Chwltabfe Expondlbjre can be broadly dlvld8d thto thra& actMtie5' Mh)l&ty Banerrts are costs of s9￿cO (Irwjudlng slpend, gmpknyer8 natthal InsUr8n￿ and penslon ¢osts) for mlni8t•ryts in pastorates together wtth Ihos8 Min￿terS 8ervlng th8 Church In other posts. Thls amount indudgs the costs of th08• èmployees 8•Nlng th9 Churc* through the Mlnl8trf98 Department. 7) Ettumfrnic81 and PCW Contributlon8 ara 8mowts pa*J lo partner organlsthns thr￿h¢￿ Wakn¥ and worf(*•Ade lo promote objects ol thg Chur¢h Ihrough MIs8lorr and Mlnlstry. Th8 ￿nIribUtk)n$ are analysed befvMen i)t6rnal Churth amwnts, Ihose relalng lo Waleslunlted Klngdom and those to Intematlonal thurches and thurch l)odbs, Th•se sums indude annual affllalion8 to UK and Internatyonal inter-church orggni8attorn. Ih) Coll&g95 8ndcentro$ (wle relate to all arrwnts trKurrad by C(Aep y Bala end Coleg Trefec# Ni th•tr work as the c8ntrg for training chlldrgn aryj young pèople and lay IrainSng c*ntre r9spec1fv8￿. Supp)rtCO8ts ¥9 alIC￿￿ted based upon ￿ 88ltm810 ofthe Fyoportion of5taff timo that ha8 bgen 6pontc4) each charltabl8 acUvFty. The appropriatèness of thls spllt Is re￿Wed &nnualty a8 part of the pmparallon of thg finandal statements: and tha Cufrnnt p8re8ntsge alkJ¢8tlon is 55% minb8ty benoffts. 35% ecumenlcaVPCW corrtribullon5 and 10% and centres oosts. Rl•k m•naq•m•nl The Church has dovelop8d a F18k strategy to identlfy. a5SfjSB 8nd monltor thg rf8k8 tI￿t the Church m8y b9 exp08ed Iti. A comprehen8ive risk regl8ter Is revlewed annuoNy by Ihe Ganeral Assgmbly Board and the trusteès. A fijrther rèvlew of the strategy and the dsk reglsler 15 lo be cwriwd In 2024 to asse8$ the Impa¢t of Covld-19 on the actfvFtles and finances of the Church. The Exeoullye Commltte6Tfru$tggs GKNJP, Sn corfundlon th th• General A8$èmbty Board, ha developed a rolllrvj Flan to mltbalè the m8jor ii¥ks to whlch the organlsation Is oXP05ed. Major rbk8 aTO thosè whl¢h may have 61gnffi¢8nt Impacl c￿. th• Off&1￿ govemancg or the Chur¢h; the abllly to finanea all ryjrrent acbvits85,' 1ogl8ktivg Includlng Health Safety, Employment Law ar￿ the protectlon of ¢hlklr•n nd vulr*alle aduN8, the ropulatlon of the Church: and Opwallon￿ porfOrMan￿ glven tha conllnued doclln8 In mlnistèrs ard membgTr, T*8 Bo*d arvl tru8te88 prioriti5e the rt8k¥ aecor(Iln9 to tha 11kelil￿d of occuffonce and potenllal impact. The trust&98 have Ilnkod the s8tting and m￿lI0r￿ng of 0￿ectiVeS to th18 risk managemènt ex8rc55o by defthlng rlsks a8 ihog• cccurren￿ whkh prevenl th8 Presbytérlan Church of Walès from aGhiovirwJ 118 Presbyterlan Church of Wales Annual Report of the Trusteos Re8•fV•i poII¢y The Churth's wllcy Is lo malntain thg amount of lolal resery•5 at th• eqvlvalenl of 2 year6, Worth of expendI￿r6. Curmnt hv8L8 of annual e¥pendilure requlfft rèserves to bg malntaln&d at £10.OOOk, At thi8 18v¢l, thg trusiees bslleve that Ihèy would be abLg to contlnug thfr currgnl adFvttl8$ of the ChurGh In the event of a drop in Income. Al 31 Do¢8mber 2023 total reogrve6 wwg £17.315k (2022.. £18,708k) and th tru$ts6s have agre8d a finartial fowasl lo reducé réserv8$ 10 £10,OOOk over a tIv8 to ten year pertTr {eXCl￿lIng any PenS￿)n r¢$erve which $t(rfxl al £4,785k al the gnd crf 2023). Futhor con8lderadon18 ty be glvan lo 8n8uring sufficltnt r88grves are hold In cash, nollng Ihal o lurther £1.297k L8 hel(1 In bng lemi debt through th& m￿896 #nd car loan schemos. It Is thgrefore dgemgd that Suifident and approprlats resources are hdd to an8blè each fund to be appliod in aocordance any rgstrldlons, Tho value Sn the Po￿l0n reserye ha8 b88n calwlotwj In accordan￿ wth thfr Fyovlslons ol FRS102. The Resour¢68 Department In C£*nluWk*n￿Ih the EXe￿t￿e Committoeifrustse$ Group irthrKI to revlew th8 adequ8Gy of the CU￿ent re8eNes polky in the Ilght of thetr financial forgcasts,, these forecasts io be rewn$lJer¢d In detall In 2024 and 2025 tAk￿g Into account the Imp4¢t of th• Covid.19 pandomk on the aclMll8s and financ43 of th8 Church 81411 levels. Inv••tm•nt r•vl•w M8rket Comm•nt•ry ffrom thvulment M•nag•r Inyost•¢ J•nu•ry 2024) Th8 flnal two months of th8 y8ar flnally rewarded Inve8lor8'palloncè. Globd equlues. a8 m&a8urgd by the MSCI World Index, gained mr)r6 than 15% In dollar temiB. alth￿gh galns for UK Investors ww9 dilu10d by a weak dolk¥. Ster1ino gal￿￿ around 6 vs the US currency to end the year at $1.27. Gains In quitie8 and other risk 88601$ w•r8 trlggered by a strong rocov8ry in govgmmenl bond markets. Thes8. n lum, were the resuh of a Gomblnation of waakor-Ihan*xpect8d knfi8tDn data and a shift in the US Federal ReEorve'B ￿tt￿Ude towards interB81 rate3. HavirvJ previously loaned agalnst the possibllty of irrter88t rale cuts. Its December surrf6y of memboTr Su￿deSted 88 many #8 thre9 quart•r-polnt r¢du¢tion8 over thè ¢otsr68 012024. Futures rnark81s arg currendy prtdng In $lx outs. which seems 8 litt￿ t)ptlmistic, 4though, more ￿coUraGIng1y. It Is now clgar that we havo passed the peak of the ¢ufrgnt Intgresl rate cy¢b. Tho maln reason to expect deeper rate cutswould be a weaker economy. Ecr￿DmIsts are currentty venly 8pIrt on the probablyty of a US rec8sGlon devebplng In 2024. Desplle * mc*8 hawkish lone belng rnalntalned by lh8 Bank of ErYJland and Iha European Contral Bart ratè expeGlaknns aLw tumbltd on this 8id6 of ltre Atlantlc. where GDP haB bè8n n8glblble over tho lastyear. Whlle wa retaln caubon heading Snto Ihg New Year ba8ed on thg lagggd gffect of past Intèr8St ratg rf8es, Iwer b)nd ￿0￿j8 and thg prospect of Intere8t rets cuts now provido much better sUPPQrt for ffinanoal 888el8. W8 nDtg that 8moller c4)mp8nles have rallied slrongty crf) th6 ouljotsk ftK k)wer Interest ral*. Wh1￿ we belleve th81 the "Magnificanl 7. US companle8 h8V8 18d Ind1¢0s hlgher ￿th some ju$tJrKation io their high profftability and growth rates, broadèr partlclpallon is hgalthl8r f¢* the overall market. The Bloomberg &￿$enSu6 forwortd GDP gTOWth In 2023 h•$ ri58n from a bw of 2.1% in February to 8 current 2.9%. The rNctpantlclpated US recesslon never Mate￿￿1￿8￿d and Ilat eeommies in tho UK and Europe 8190 m8nagetJ to bgat mor• pesstrntstlc expeclalons. The outk)Dk for 2024 ￿ntInueS to $uggest slower progre$8 next year. with consgnsus e511males at 2.6%, a$ the lagglng ￿e¢l of hbh8r interest r8tes contlnue9 to blle. The Bloomberg Global Ag9regate Index of inve¥tment grade ￿ndS gained alm08t 10% fmm its late October IJw8. draggino back posltiYO twrllory lorthg year and avoi¢JinB • Ihlrd Con￿ul1ve yaar of negalfvo total retums. The US 10-yw Treasury bond yleld fo11 from a pèak of 4.9￿￿ to 3.82%. The 10-ygor Qlt ylold droppgd from 4.67% b 3.5%. SLtch 18115 are also good gMmm9nts as the cost of finanGlng 8ti11-larae fiscal deficlls Is r8dueed. Thè wgak9rdollar helwd Gokl to Irade ata new *l-tlme hioh In dd1ar1gm￿Of $2,077. Thg Pr￿ contlnu to be supported bycBntral bank bwng, 88wi8lly In emerging economles. The freezing of Russla's dc41ar asggis follovAng Its Invaslon of Ukralne has mtfvated many countrie8 to d￿SKY thgir reseprns away fmm dollats. 12 Presbyterlan Church of Wales Annual Roport of the Trusto Despll8 further dlsruFllon In tha MKJdlB E8St. notably to shlpping in the Red Sèa. tho oil prko romalr* relatively subdu￿. tt remalns1¢)wer than11 was belc*e Russia's Invasion c* Ukraine. There sgèrns to bè rts shortage of ¥upply. with dmo8t all of Ru5sla's productlon h8adlng to China and Intha to ￿ roffin8d. ThB total retum on Pr98bytgrlgn Chwch of W81è$ fiJnd was +7.47% for 2022 ￿mPer0d th the return fr(ffi th8 b•nchmark ol +9.74%. The valuo ofth9 lund 6(Aety managèd by Rathbones {Investe¢ Woallh & Investrnent Ltd) wo$ £9.84C* as at 31 Dacember 2023 12022.. £9.414k). Th8r• was Tr) capital 119tttdrawalladdttlon fromllo the portfolto in eithgr 2022 or 2023. Th8 Presbyièrian Churth Df Walès funds aro long temi Inv6slrnenls the current assfjt althatlon and b8nckni8rt vAthin tho poJ1follo noled above in Iho socti¢)n on Investrnent pofw and PgTlormanc8. In th8 Ilght of the adoplon of a new ￿Qad￿r Inv98th￿nI by th& General Aosembly in 2022. the ProFertlès Board adopted a nbw BBset alk￿alk)n of th¢ p￿￿0110 and In pa￿o￿ar inve*ing in over88as equllles, property unh trusb and okomativ88 lo lurthor dvor8￿ the porlfolk). Tho Chuich has 8dcpt8d an ronmentsl poltcy and thèroforo div8sOng from oil and gas stocks was a requlr6m8nt of th8 new pNttdlo. ESG (Envlronmental, Soc4818nd Govgmarw) Issu&s are factors In me83uring the sustalnabillty and $oc16tal Impact of investlng in particular ¢omp8n106 and wlll conllnue to b6 wovalent kn 8etUng vestn*nl stratsglas. Covi[￿19 The knpact of lh8 m89swes to ￿rn￿￿t lh• $prgad of Covid-19 aff¢Gt8d th8 work of th6 Church at both local and ¢enlr&l level. A number local thurch8s whlch c1080d in Marth 2020 have decidod not lo reoper). The ¢enlres al Bala and Trgfeca have taken apwoprfato Thoa8ures and reoponed In accordance with guideline818sued by the relevant pUt￿[C heath authorlties. The Execullve Committ8errrust88s Group arg wn¥lderfng the rigk reglyter. flnanclal I0￿$tr an r&#erves pollcy In tha light of the @ffecls of thg Covkl-19 pandem1¢ indudlng potentLg1 loss ol revenue str￿ld membershlp numbgrs f811 by grèater than wevwJusly for¢¢asled. Futur• dov•lopmonts Tho foll￿n9 Items vAll ho￿ruIty bo ￿nsId￿red by the Board arKI departm8nt8 In 2024 and 2025 wlth rK%*nmgndatton6 or progr988 Lpda168 wtsanted to the General knembty In 2026. onunuatlon of pastoral ¢are foT Mlnlslar8 and wtykerJ lo Irdude annual Minist9rf8 retreats. and daily onlTh devollon, as wel 08 Offe￿n9 a specllk retre81 for r•knd Min18tsrs in Tr•focè' iwplomwtstion ofsgfoguardlng recomm8ndthns from 13.8; updatlng of the wobBito" SUPPDrting gldgrs and mgmber& fndlng tho r*8pon￿11ty of ts Ghurch bulldlng a burdon. liNJing 8dullons to Icoklng aftgr(Yphanod Cgmetertg8: financial F+xecaslnig and Stratg3y In thg Post pandamlc ￿tUat￿. ongokng programmè to •nable pkneer mlnlstrios Ihvcughout Ihe Presbytorl66,' the Implement&tlon ol a pra￿{¢￿ ten•poirrt to the Church fynvlronmonlal pollcy coverfNJ types of energy. nèt zero bulldlngs and héaty, f* tradé, Inv8sfmantS g1c,' Securinll oftho benefits In the (Jefin¢d benefrt schwne th an Insurance company and., th8 pptentlal to strentyhan tho rglatlonshlp ￿ thg Pro&b￿orIan Church of IrKIIq. 13 Presbyterlan Church of Wales Annual Report of th• Trusts Statsment of trustees, responslbllltles The tru6t•e8 are r88pon$ible for propatlng the TN8tees' Annual Report and the flnanclal stal8ments in 8ccordance wilh appllcablè law and Unlted KlrKJdom Aceounlng Standard8 (United Kingdom Generally Acceptad AcctsJnltr¥ PraGtiG•). The law 8ppltC8blg lo charfllBs In Eng18nd and W8188 requlro8 Ihe tru8te88 lo prepare iln8n¢Eal statemen16 for 8ach flnancld ye8r gfvo 8 trus and faw view of th9 5tste of aff81r8 of the chanty and th8 groLP and of th• incomiNJ rnBource8 and ap￿]GOt￿)n of rosourc05 ofthe charftylgroup for tst In preparlng thes8 Ilnandal BlatemBrts. the tnJsteo8 8r8 requlrgd lo: select 8uItsWe 8G¢tsunWng ond then athy them cons18tsnty. ob6erv¢ Ihe methods and prfnclples In the Charltl88 SORP; make ludgmants and e8tlmat88 thal are r028onaNe and prudonl: slate whether appllcabi8 accounting stsndards, co1￿￿81ng FRS 102, have been folohvj, subject to any mat8rf&l dopartuffjs dl$clo8ed and ¢yplaSned In the fin￿claI stat8rrbenls.' and pre￿re tha )Inandal $talèments on the golng con￿rn b88ls url886 11 i% Inappropriate to prpsume that the charfty wlll in bu8lnoss. Th• tru$tse$ are respon8Sble for keeplng propar accounting racord$ that disclose th reasonable accuracy 81 any time the financlal posltitin of Ihè charfty and •n8ble lo ert8ur8 that the financlal slatsments cc#nply wlth th& ch8r1t￿S Aca 2011, Ihe Cherty {Accounls arml R6portsl RegulaUon$ 2C#)8. Thèy are also rpsponslble for Safeguarding thé assets of the th￿rIty and Ihe group and hen¢e for taklng rgasonable 3tgps for Ihe prevenuon end d8tecLion of fr8ud aThJ other lrnffjulariiie8. y ord•r of th• tru•t• TNst*e Dats.. 18 OGtober 2024 14 Presbyterlan Church of Wales Inde￿nd￿nt Auditors, Report to th• Trusto0$ of th• Pr•8bytsrlan Church of Wales Opinion We kn auclt&Y the fin￿CIal stsknlorrtg r15h5byterian C￿r¢h ofwalos (Ihe ￿rffit and ts (ts'wp) f(Ythe y8ar ￿131& December2023v*ach &)mptse the ¢m￿dated S13t8rr£ dFlnJndal *dMbpA Ihe Cong)1da￿ and p4r8nt chaiity 8olarKe Shg9ts. th8 ￿nso￿a￿d Cth Fky StdenwthgTrJ Ws to th• firondal st*Thwts. Ot4e& Thofimr￿I fraM￿th that has OP￿￿Al h thelr tryarai4)n is aFplca48 law UINte(I larKJ¢knm )Lmting StaKlard5, FIn￿d01 Rqxirtiig Standafd 102 Th$ FhancielRWkng st&￿rd 8ppknV91n Its UKaf￿R6￿th ofhl8rnJllUnKed ￿ngd￿li PTh￿￿). In our cpinh?n the fir￿¢￿ $tstomonLs'. Ive a tr[* stateofth8 greup￿ arvj p￿t c*)arfty'$ affalrs as at 3111 tr23, 8nd grow% rul￿n9 r￿￿r¢e5 of re%￿r￿. hdudlng Its Ir•)Jme arnl h￿8 pWy prepsrèd In aOxidar￿}th Unlted ￿r￿)M G•nw* I￿pted ALxxwnlr Prth.. propwed In axrydar¢eYth tho oflh8 Ch8rtU8B PLa2011. B•olsfor4￿n1tsn We c4)ThJu¢ted ￿raudtt wilh St&rMlards on IUKI {ISPs (UK)) pllc*k law. Tesp(MsibHIU8S LtTrS8rtJw standwth ¥8futhtrd#styibed In ￿ Au(Itofs raspJMbilitBststhe audlt ofthe fin￿CIal sL*tm&ts s&*n ofoLrr8p(rt We ofthè rwp Fwenl (*¢rfty In acwdarK8 wth èthlcal r¢quirwwts Ihal are rethnl lo cAJr audrt ofthe ffin 8tat8merts In the UK Ind￿dIng the FKS standard, wo have wroU)8rethtal re$F•￿81bllrt￿s n &rudano I￿1h thes8 wulremonts. We belmthat the audtt e*Jenr* wg 15 sufflclent and 8FprqMiat8 to provkl8 a bad8forour0p1nk￿. Conduslons rnlallno to golng Inwthig Ihe fin8rthl *atementy ￿ hav8 coThknèd that th9 trust￿, U8e oftr* ￿￿ng r#)TKxn bas￿ cl aCC£￿r￿n9 Sn the weFqrabJn cf I￿fffland￿ slal8Thnts Is apwcprf*. B8wJ on ts workw* hava ptrfonTwJ, we have not klerbl￿d any matw*l uncwtsiths to )ndrfm$ thaL indMdu*0r￿￿1fv￿, may cast d0[ttrnthegff￿p'8 ￿ parentth8W6 abllty to 88 a gthg ttrt)LYn frxa pth monthsfrom Wh￿ th0fin￿cl￿I stAts[r￿S are aUtPthS￿ tri68U Ow and ts respo￿1￿1￿88 of the tr￿1898 re8paclkngob3 ￿￿•M *e d8>3lW In the vAnt8actb)ns ofthk rerth. Tho oY)er in1￿1]r￿ comprknsthe Irlcmiatri 5rdu*d kn tlw Irusts85 arnual rwrt, (Iher Ihan Ihe Ilnarthl statmrts and waudtt(*8 rekX)rt trLatges grg r¢SF￿1bkn frJrth8 other lrrfDF￿i)n ccnlaiMd whhin th8 8nw81 report. Our on th• fn8rrial ststemonts does not coverlheothw hfftjrmaticn ond. cknl)n thsreDn. OLTrr re¥￿at￿1V 61ated kn our rewi, we do nrtexpyess arty forn ofa8surarK to th8 thrlnfomwtten and. h thng so, consl(knwh8thwlhe 0th8r Inromts￿ h Malw￿ ITWiStst*ttvAlh the f￿￿Cl￿ kn￿8 (trtalned In Ihe g)urs8 Of￿ audlt cf otheThvSse apFQW5 b be malerlaly mtsstthd. such matsrfal n*tewl m*staten￿rt in lh8 firHnThal statemwts lh8nw￿. l . re(1 tr)d&omKw Ythethertt¥s gNes rf50 kn a con&lJdeth8t tr￿re L8 a matèrial m[s*ten￿t rfth15 ¢)V*r rfomwtioTh we ¥e to IW thatfe£t. Wt Th)thrg to repryt in Ihis reg¥d Wa hava rrtjthhg to rgpJtin ￿6￿t￿th9fC41oW￿¥ n￿tter3 In re181Jontovthth ¢J)8rlUeB IAcxxArAs arKI R8pc#ts) R8gulath4 2C#)8 u5 to Ll, In ouropnlon: the InfomwlKn in fnarNista*rnents15 *M￿lStent In gryrfAterfg1 IBsWwrth Suff￿nI act￿nI havo not kgp(' c rentchaWB We have not arml eyyanlicmwo reqLr8f(Your Resportsiljilits￿ of trusl••s exF4almJ rThxefvlty In thg trl￿￿' W89F￿$￿Il￿ Stst￿r￿nt ¥et (xrt C￿ page 14 8r respcThSble the Fry>araUon Dfthèflnandal statements and for bdng salls￿d thatthey ghe a bij? andf8ir vlew, and for SLth htenMI ￿ntrol as the trustees ddermlne L% nec05wy lo enaile w8pwatstin of ffin0￿ 81atsmerts that nfrFefrom matwkl mbst*rirt %thelher(bJg t0fra￿l ty WTCf. 15 Presbyterlan Church of Wales Independent Audltorn. Roport to th• Tru8tee8 of the Prosbyterlan Church ot Wale8 In wopaFlrYJ th8fin8n(xal staemonts, are res￿￿54￿8 ktassastsing Ihegroup's Fdrerrt Itsws Abllty to (thiMJ8 ￿ a gorThJ c>)n(xn. ckdc6ku, 85 q)ptraNg, Matt￿ relatsd to g*J I￿1￿n golro ￿r￿Arn OfarrA￿ntir￿3 urI8sstho trustses elther intend to Ihwh* tho woup cff paTentthWIty￿ lo cea$8 ororntioro, ry have no rea16tic akntive but b) do so. Audrtof• mpoMlbll#l•s forth• aurfit Qftho lIn*KI￿ $tal•mg We hav8 bèèn gFpolrited a5 audknr uthsadon 151 ofthe Charflkskl 2011 and report in wilh regul8Uw m&Je under 6eckn 154 ￿that A r are b ¢JtXdn re8s0na14e wuvance wWherth8 Inanckl stat￿nts as a whde f from matsrf81 fraud orebTor, and to IBSUO an aLKlltorf6 rgpcrtthat IrKludes our nljn. Rea&ThatA9 88SW8nce Is a hlgh bui is not a guarwtte8 IW an audtcon(*xted In f£*thr￿WIlh ISAS (UK) wll d*ct a matsrfd mlsstatherst when tt ￿Sts. m1ssta1emènls￿n arisè tra￿￿ or8rr(Kand ar8conshje￿l matsrl81 Ir, in th8 agJrW, reasWtty L expethl to inlbjente ¢JwJsbrk8 ofuser8 taken on th& crftheso finAndal stat8rMnt8. Afwth8r sta14m•nt of u•h nows ¢￿h Ilow6 Irom op•ratln9 athl N•tca8h 9￿￿at8d Irrjrnl by) opornllng 12e21 Calh 11ty*s from Inve8Ung •¢t￿l￿OI. Intefost fmm Invostmgnts Purth88e oflnveBtm8n18 Prowds frum S￿e oflnve8trnont8 Pro¢ged$ Irtsm sale olfved aB80ts Purd)8¥o of prDPgrty, ￿anta￿l eqvlpmgnl l ¢ash puvlde4J by IrN98Ung actmlbs 335 13,426) 3,428 (7.6481 {36) sh flows from fln?nclng actfvMo8: ¢a5h from borrowlng gt ¢0sh prnvlded by (usedln) Iln•noliig Gh•ng9 ¢osh and ca•h •qulval¥nt# Ca&h & •qU￿al￿nts At 1 Januwry CAih & e••h •qulval•nts •1 3t D•¢•mb•r 74 735 13071 1.042 Ca#h •qufval•nts •t thg yo*r•nd comprts•: Short tsrm dep06tts Cash al bank and In hand 224 319 511 C￿h & •qulval•nt• at 31 D•c•mb•r 735 20 Presbyterlan Church of Wales Notes to th• financlal statsments for th• year ended 31 December 2023 Prln¢lpal accountlng pollci Ba•16 ol pr•paratlon The financial statements have been pr8pared on a golng conoern baskry and under lh8 his1ori￿1 Gost o)nv•ntion. with the ex¢gpllon of the rev8luoti￿ of certain land and I￿lIdIng$, heritage agygts and knve8tm8nts are included on a market valu8 ba$l$. fln8nc18J $tOtements hève been prepwed kn aeoJrdancè vAth th8 St81ement ol Racommonded Practsce- Accountlng aThfj R8porUng by Charftk881 app1*8b￿ lo charllles pr8P8rtng th￿r accounts in accordan￿ wlth th8 Flnandal Reporurvj Standard aPF4kablo in the Unitsd Klngdom and th8 Republlc ol IrelaNI (FRS 1D2) {•ffecUv• 1 J8Nary 201918nd thg ChaTIts'e5 Act 2011, using conslstenlly appllgd *xountlng pdldes. Tho charity is a Public Bénefft Enty as dethèd by FRS 102 The ffinandal 8t8tements c4v￿OI1d0ts those of Col8g y Bak Trgfeca Colle9e, the Candldths and Tralnlng Departmerrt Fund aNI fho Welsh Calvini$ti¢ Methodi8t Assurance Trust (dormant). In acccrdance wtth the ChaiiUe8 SORP. no separato Statement of FingrKlal Acttvltlgs haB bgen prgsenled for thg Church alone, The Itnandèl 8tstomevrt8 are prtymred In sterling, whlch Ihe function4 c(wrorw of the chorlty. Monew amwnts In th888 ￿nanC￿l statements are rounded to nearpBI £. Fund accounllng The purpos6 of the unr88trIct8d fvnds (note 16) Is to finance Ihè genoral runnlng of Ihe Pre8b￿rtan Clwrch of Wales. The prtmary 80urc8 of Income b thg MknI8try and Mlsston Contrlbullon 11￿m8rtY ccnngX￿81 Contrtbutlon), the by 8ach ¢hwGh wlthin Connexion. Vnrestrlcted funds ar8 U6ed to flnBn¢8 tho day to day running of Ihe Church Including thè Gèn8ral A888rnbly and Ks consltluenl Board8 8nLI the admlnlstratlve offl¢o in Cardlff. Restricted funds (nole 17) are funds subject to spec5￿ r8Strfclwe con(JfLk)ns Smposed by the dcnLY or by the purposo of an appeal, The prknclp81 reslrlctad fund Te18t68 to thè Ministries Department Ifomiarty Life and WMnes$ B08rd> Gar￿1 Fund {an am81gAm*lon of lh• JJ Maintenance of Mln15ty. Mlsslon Board and Chnst4art EdLbcation Board Funds). th& purpo¥e of YéhlL* Is r88trroted to finandng mlnlstertal and m18$kn wor Al In¢omg aynditur8 FS 8hwi In the Statement of Flnandal ￿1•1189. A¢¢rual• Tne Ilnanclal statements have b•èn pr6P8red on an accruals ba818. ￿1[￿b[￿les are recogni$￿ at thdr 8ettlem•nt value. Inoomlng r•¥oureeJ Ir¥x>m8 from donauons and 8￿9, legad•s grants Is recognlwl on a rec*lv8trk ba818 when there Is Buffldent Cwklnty of recelpt and the value of tho incomlng rnyowce can be measured wllh slfficfj￿1 rellablllty. Tanglbl• fix•d aJs•ts The cost oftangible flxed awts18 Ihtyr Purch￿ Cfjst l(>Jether with any Inddental costs of AcquL￿11￿. ExpendRure on tangible fixed 88Bets whh a cost bekny £3,OQ) is not capitallsed, Dwoclallon 18 charged ty equal 8nnual Instslments to write down the Go$1 of the a$80ts to thelr expectsd m8bJual value8 ovaT thtlr 88tknatEd wful INe8 at the followtng rats8: 8ulldlng5 M(knr vehicles Computer eqvlwènt FixtLwes and Ilttlng8 Property improv8ments 2% per annum 20% pgr annltm 20% ￿r annum 10%- 21Wts per ann￿ll 5% par annum 21 Presbyterlan Church of Walas N¢>te8 to th• flnanclal $tatsments for the yoar ended 31 Dec•mb•r 2023 Free￿Id Lqnd not d•FYeclated. useful &c¥Jnomlc IIv08 of flxed assots are ro¥b￿l at the end (* 8gch 8¢counllng pfrmd along wlth a revlew lor IMpaIr￿nt vthere IrKli¢alors of polenllal impalmigFrt are Id6nlrfi8d. Thero ha5 been no change in Ihe rates of deprecaatlon In th8 year. H•rlt•y A¥¥ol• The Howell Hath8 Mu88Urn 81 Coleg Trefaca $how8 a8p6cts of tho Ilfg of Hcswell H8frf8, who80 1735 jnverslon lod to the fwndkng of Welsh Method18m.' also the ¢ornniunlty 'Teulu Tfof6ca'. whlch he e8tsbllshéd al tho College 1752. Th8 thsplay8 Indudè a room Ss tt mlghl have be8n in Harrls, Ilme. an outdoor pwchiffj scen6 panols telllng hls sw. A txINectkin of32 rellgths books, M￿tofWhlch wgre prInt￿ ty the 'TrevKka press, in the late 9Sghtegntr• c8ntury are dl8played In rotstion In tho mus8um akng wllh artefacts and fvmiture frDrn Hords'$ pwlod at the Cdlage. Th& museum also houses artofact8 oftho Presbyterfan Church ol Wales whk* wgrg prvvbusty *K￿Be￿ at the NaticThl Ubrary of Wales. It￿ kndude fumtture. 811vepherè aftd oth¢r Items of hIstorf￿1 81gnfficanee. In o¢cordance wlth the pYo¥181c•)¥ of FRS 102, hefftage assets have been Induded In the flnarKlal stslem8nts atlholr In8uranc&valuatlon contalned vAthln thg coll￿ pdlcy Ec¢le81a8tical Insvran¢e, The In8uranc• value L8 reasse88ed annu81ty. Any costs to m8kntsln tho museum or 115 artef8Cts arè tharged to Ihg Statement of Flnand81 ￿[VitI8$ a$ incuvred. The agyats 8re deamad to have kndetermlnate Ivgs and th8refore no dgpreobtion Is charged. The museum K8 managed by the truste¢$ ofCoileg8 on a daytoday b8818 bytho Head 010p8r￿on6 and Growih. D8th115 of Ihè artefacts are kept al the College. Ad(Jitions lo the museum ¢4n bo made by way of don8tbn. Any purthase8 or disposals Iln 8xcepttonal drcumslancèsl requiro tho approval of Ihe trustgos and the Church through the G¢n8ral A88embty Board. Thg mu8eum and art6lacts are 9¢neTrl acce881bl8 Mxdgy lo Ffvjay btheen 10am and 4pm. Colg9 Trofeca and the museum were do88d from March 2020 to May 2021 dug to CovhJ-19 and again from May to O¢tober 2022 whllsl the centro hosled feftJgeé$ from Ukraine. The Chgrky h88 a number of fvrth•r hailag8 ass8ts whlch Includ& fvmlttjre. palntlngs, $llveN8rè and other oblecls of hlslorfcal Int6ro81 reladng to the Chur¢h. Thg coll8clon, located at varbus locatlons aGro8s Wales &nd beyond. Includes ertefacts datlng bac* to th8 nineteenth Century aThJ form8 a unltwg record of thg hl$tory of the Chur¢h. At tNB date tt has not r4)tsI￿e to value these assets. Flxod auot Inv•stm•nts (al LIBt¥d Investm8nts are •lated al markfjl vdufrs ba88d on bifl ptlces at 31 Decèmbor2023. Proffts andlgsses on 8#b¥ of Invg$lments are colculated by rgference to the openlng earrying 4￿M)unt and 8Tr transferred directly lo the relevant fvnds. Unreaksed r8valu8tknn surplusès or d*ts are al80 Included In th• rolev8nttynd6 mov8menL Both profits 8TrJ106ses on dSsFosols Ar￿ unre3li$od 8urpluBes or d8lkil& ari￿ng on revaluatlon of inveslments are reported In tho Statemant ot Flnarbdal Actfvhles. Ib) Inve8tm8nt prowrWe$ are Ind￿ In the balan¢e sheet at fair value. Profes510rnl valjauons are perfom)ed every thrBe years on each propety and market values are Index Ilnked kn the Int8rverlng yearB. DaW￿la￿Tr Is not prov4ded on inv8$lment proport￿5 as the prop8rtle8 we not hold for consumption but for Inve8tment and the Irustee5 conslder Ihal sy8temall¢ rn181 dgprecFalion would be Inappri)prf8te. Deproclallon oramorti￿1lQnI8 only one of the mary faGtors relleGtsd In tho propety valugtlon and amount which might otherwls8 havg be8n $hown cannot b8 5danlified. A valuauon of Inveslmeftt properttes was undert8k8n for Ihe year endlng 31bt Dtcemt*r 2022. Under nomial cIr￿M8￿n¢68 Valuatkns are Undertaken overy 3 ya8r8 8nd rev8lu8d uslng a recognlsed Index In the Int6rv6nlng year¥. Skn¢k Stod( 1$ stated attho lower of cost and net rea118abl8 valuè. 22 Presbyt8rfan Church of Walas Not•s to the flnanclal statsmenls for the year ended 31 December 2023 Pon8lon• The Chur¢h ryerate8 8 defined ben&fft penslon x*•me. The fund is valued every throe years by qualffi8d 8Ctuarle8. Th8 Scheme was closed to futuro awval on 30 Saptsmber 2022 The IB a(rount9d for In accorrianca tho requkements of FRS 102, wlth the annually cgl¢ul8ted nollonel sU￿lUS or defjat on the funding of the Scheme shown In ts fknanclal gtatements as 8eP8rats fvnd £￿￿ed 'Pension ResoNe' whkh 1$ added or deductgd from General Funds In the Balanco Shogt. D8tslL8 of ihe pgnslon 8chem8 are glven in Not8 9 to finandal $tstgm8nts. A8from 1 Ootober2022 actNe membersw8re tran¥ferred to a dolintd &)ntribuUon schern• administerèd by Cusl)on. In order to comply auto enrolmenl regulath￿S the Ch￿￿ operates. In addition to the Schem& admlnfrstered by CLBhon. anothef défin8d O￿trIbut[On scheme adrnlnlstered ty AEGON for th08a mlnl$ltr8 and employees were not part of Ihg defined ￿nefit s(knme and have not e18ck& to tho ￿ Cwfr¥)n deftned o)nlrl)uUcffi s¢h¢m•. Th• Church b 8 chority 8nd Ss such Is 8nll#ed to certaln tsx exemplK4)s on ino)mfr and FKoffts from knvestrnents. and surplus88 on any tsdlng 8Ctlvttles ¢8rri8d tsjl In the further8n¢& of thg ChurGh's prlmary obJKt1￿ts, If th88e profft6 and 8urpluB8S are appllÈd so18ty for charltabb purposes. Conjolldatlon The GonBQ]Idaled finanGFal 5taternants Irworate th8 r88ulls of lh• Church and each of Its sublldlaries for the finandal y•ar endgj 31 Decomt¢r 2023. Intra-group balan¢es and trang8Ctky)8 are 8llminated on consolbjallon. unifo￿ accountkng poll¢bs are ap￿l￿d ac¥os8 thg group. Judggm•nts In applylng accounllng pollcle• and key 80urc•8 of •stlmallon une•rtalnty E8Umats$ and JuthJ8n*nts aro COn￿nuallY evaluatod and aro ba￿1 on hlrytorfcal expwknca and Othor faclprs. i￿]￿￿￿1ng oxpeclatkffls ol events that are b8ltev8d to te reasonat40 undor th• circumgtancrt. Dgfined b￿Offit penslon Sc￿Me The Chur¢h has oblig8trgns to pay benefits to c•rtaln emi4oyoos. The OJ8t of tr*se benelts and prosfjnt value of the obl1g￿On do￿nd on a number ￿ factors. indLti*lng; lffg expectancy, Salary in¢roaso8, 888et V8luatlor)$ and th8 dlscount r8ts on cy)fporate borKls. Manag8m$nt 9Stlmates th￿fj f8¢tor6 Sn delemlning Ihg not Pgnslon obligAllon in the balan¢e sh8eL The assumpbons rnfioct historical experlencg and current trands. For d918118 of 888umptlon8 adopted. ¥ee noté 9. Thè Tntstées consldgr Ihal thorv are no lurthar slgnMcant Judgam•nts or key sourcèy of •stimatkin certalnty In the prep8mtion of Ihese flnanclal st8tarn8nts. 23 Presbyterfan Church of Wales Not•J io th• financlal stat•ments for the year end•d 31 D•cember 2023 Results of Conneetsd Charltl•s ' 2W23 £Tho 2022 £'ooo In¢omln# I•￿￿re•s Cour60 fo98 Shop sales DwationB, grnnts 4nd1994¢ Invostment Sundry Inc4)m& Totsl Incornlng r8gCW R•*ourc•• EX￿nd•d Charhabb ath 49 423 10 159 244 475 625 508 T¢)tsl rgKwrctt N•1 oulyoing rtygurc•• 530 513 (38) Th0$8 Tg8uIts rgkgt• kn th• Ihrn* ctmn¢¢t•d ch•rfU88, Candidat•6 4ThJ Tralnlng Dèp•rtmen( Cal&g Tth & Cdty y Bakn ard •xdikle any gr8nt8 from Pmsbffttsn ol Walgs Inve¥tsn¢nt In¢om• Group Ch•rlty 2022 £'ooo 2023 vooo 2022 £'ooo É'OQD Llnlt Propkn unlt tNsts Ov$r8•a$ fixod Intw•st 18 21 21 15 20 22 36 197 68 47 39 21 35 UK Flxgy Inlore#8nd UK Equltlès knveslment Prop8ty 113 71 71 326 344 Othor Incoma Un￿trI¢lad R•*trlel•d nd6 fvnds Totsl Totsl fund• fvndo 2023 2022 £'ODD ¢000 12 37 Bank intsretyt Loan Intsr•$t r￿•￿able 12 37 p￿fil ￿th&pOl8 and Mar 2,072 2,072 916 ndry knt*)rhe Pènslon- Sntèr•st Totsl- Group 150 190 10 89 1,053 318 2,485 316 162 Presbyterlan Church of Wal88 Notes to the flnanclal statsments for the year èndod 31 Decembor 2023 Total r•sourcos u$ Oth•r T¢Jl•l 23 Totsl 2022 £'ooo Mlnlslry ber*fft8 Ecumenkal and PCWwitrlbuUor Cc41•gtr 4Th1 ￿nIrn easts Othor 3,358 508 542 47 132 78 121 Total Charlty 3.571 1211 062 82 411 Totsl Group 3,653 103 JA58 2.553 231 10 859 2h91 243 191 1.072 4997 Sodgl xuffly &)6ts R•dund•y and teMil￿on c¢Bts Pon8lon costs Tho total numbor of•Mth￿S bylurKlbn 2023 NthTrbtrr 2022 Numbor MlnLgt•rn-lull Um• Minhters-part Ilm• Fleld Mvker8 Coll•9•5 ard centres A￿￿DIStra￿0ft 14 110 3 of tho tsIMt•88 (2022.. 31 r•c&W g tclql d £98066 in 202312022: £125J851 In or salary (IrKludlng 8ry4oy8r p8n8tr eofttr5bubor￿> a5 M•*tèrs wilhin h Prpsbyl•Aan ChJrch of W8198. 4 ofth¢ tru8tses12022'. 61 a totsl of£1AOO In 202212022 £2,700) In honoraria P#y￿nts aB rwniti for Ihè*i41)fft T*lhln lh8 Churth's vartrtJ8 knrds. departrnnts WKI PBnds. 8 of tho trwtee¥ (202.. 6) wk* 6&v8d dukfjng ye8r a lotsf of £3,777 In 2ff23 12022.. È6,698) a8 relrnbLwsw*niftrtravel and Wb818tew•x￿Sés hwrred Inthelr(wlty8strustso9,offlc4rsormlnlstar8vthn tho Chut¢h. Dutho the y•ar th• group rnad• pawiith)ts fcf rndundarw and selttorryant payrii8nts total￿ £10.370 I20￿.. E261,5971. Th8Y8 were no w7NJunts wtstsrKllng In f•Lation to thg abovè. at th& baL4nc* ¥heel dato. Presbyterian Church of Wales Notes to the financial statements for the year ended 31 December 2023 Th• numhr of 9mploy9￿ wh¢)w omolurnwts for the yearfell wlthln the followlng bands were.. Total 2023 Totsl 2022 In th8 band £60,000- £69,999 In the band £90.000- £99.999 In the band £100,OLK1- £10g.999 Th• nunknr of high•r p•id •mployw to whom reliremgnt benefrts were xcrulng Is as follow¥: Total 2023 No Totsl 2022 No In the band £60.000- £69.999 In the band £90,000- £99.999 In the band £100.tN)0- £109.999 An awentation payinenl of £60.CQO wa8 made in 2022 to the d&fin8d b8n•flt p8nslon sch&m8 for hiqher pBid employees in Ihe year. Key M￿ageMent Personnèl: The total amount paid to key managernenl personneF for thdr servlces to the group durlThJ the year lotslled £496,09412022: £598,e05). Ministry bonefits Unr•$trl¢t¢d R¢strl¢t•d funds fund8 £woo rooo Total 2023 £'ooo Totsl 2022 Stipands and s8lari8s Pastoral experws Support cosis (note 81 1.575 2.239 2.326 673 726 668 2,248 719 2,967 3,005 PenSh￿ costs: Contributions paid Currtrnl Serv￿ costs PensM)n audit 304 555 38 897 897 1,104 4.109 Total mlnlst•r8 b•￿1[ts 3,145 719 3,864 Ecumenical and PCW Contributions Unre8trlcted Restrfcted funds funds £'ooo £'ooo T+)tsl 2022 £'ooo 18 117 2023 £'ooo Intemational Wale￿K Ministers, workers. candidales. Associaticm. Presbyleries Bnd local churc￿8 Support (x)sts (nots 8> 85 153 27 60 87 209 428 34 462 425 540 168 708 769 26 Presbyterlan Chu rch of Wales Nots6 to tho flnanclal statoments for the year end•d 31 December 2023 Support ¢￿ts Mln19ty AN0￿u￿n af CoX•g• 8•n•flts Ecum•Thical •nd and Contr• rooo Con￿b￿￿OnI ¢￿ts £'ooo £'ooo 47 10 Total Total 2023 2022 £'ooo £'Doo Salarf￿ & wa905 Travellknu & suW8tenL¥J UtHIty ￿Sts Property & 5n9ur8r￿S Prlntlnu a#talc￿ery P05tag8 & tslephme R£pairn, fflalntsn8n￿ 8 Impro￿￿•￿ts l*wrvJ charges Equ￿an¢ & ml•ri Leg81 & prof•8Bbnfjl ¢herg88 JJdR fees Deprncl)tltsn Adverttwg & p(èWty Cwr8e f888 Bgd dgbt ¢har98 JbM6Nng costs 473 103 36 19 24 89 43 26 16 47 10 19 13 18 51 173 31 314 61 17 10 27 726 132 1314 B￿1$ of I SLPP(rtcoGls a￿alk¢a￿j ontho b8$19 ofthe 06Umatsd percent￿fr allcthtton of6tsff tlme &penton eachdwrftabl• Presbytorian Church of Wales Notes to th• financlal statamonts for the year end8d 31 De¢emb?r 2023 P•n81on costs The Prosbytgrfan Chur¢h of Wal8$ (tho Church) operale8 a defined ben8fft pen$lon arr8rKJem8nt callgd the Prn$bytèrian Churth ol Wale8 Pensron Sch￿8 (the Scheme). The Scheme provlde5 bengflts based on final salary and length of 8ervk¢ on r*tirem8nL leaving 8eNke OT doath. The Church also operates a defined conldbutth sthem• bul th1s1s not Induded In tN8 dl8dosur8. The Schème Is subjxt to th8 Slafvlory Fur￿[n9 Obj￿￿ under Ihb Penslons Act 2004. A v8bJ•tion of the Sch¢me is carriod out 81 Wt on¢e every thr￿ ye8r8 to dete￿Ine whther the Stslutory Funding ObJectlv• mel. part of the pro¢05S th8 Church must agrgo with th8 trusltes of the sd)8￿ the contrtbulions to ￿ Pa￿ to addr￿ any shortlall sgainst the Statutory FUndll￿ ObjecUv&. The mo8t rO￿t eompr8hen81va actuarfal valuaUDn ofthe 8ch8w* was c4ffled out 88 al 31 D0￿mber 2021 and tha next valuatbn of the Schem8 is due 8$ at 31 Dec8mb8r 2024. In the 6venl that thè valuation feve818 8 larger d6ficrt than expected the Churth may be r8qulr&J to Increas& contribulon? above thxe sel out In the exlsting Schedule of ContrfbutKrfs. Th8 Church does not eXP￿t lo pay contrlbuUon8 In the y•ar to 31 D￿eMber W24. The S¢heme 18 Manag￿ by a board ofTru8lees apwlnled In part by the Chur¢h and partfrom •ltcthn5 by mèmbers of the Sc*8m6. Th6 Trusl8es h￿5 rospornlblllly for obtslnlng valuallons of the fund, admlntstsring benefit paymonts and inv05tlng the Schemo's aosgts. Th8 Truste88 de48gal8 some of the8&fu￿lan8 to thèw profes8ronal adM8ors apprcpriate. There wore rK4 Scheme amendmprts, wrtallments or Betllements durlrg tho perfod. Th8 Trust99 Invests a portlcf* ot Sch•me'8 4589ts kn a Llabllity Drlven Investment ILDI) Fortfofio. Thls pcthlio alms to hedge a pr¢2portion of the exposure ofthe S¢hem8'S118billt￿s to Interest rate$ an Inilallon on the ongokng fuNJlng basis, The LDI pprtlollo I￿r￿deS Irw88kneni In th8 LGIM Steding Llquidty Fund. A68umptlon8 The pdncipal actuarial assumptions ￿59d lo cab%late Stheme Nabilities arn: 310wmbor 2023 4.45% 3.35% 2.90% 31 D•Bvnbor 2022 4.80% 3.45% 2.95% nt fat• Inn8tion= RPI Inflatton". CPI Penskn kn¢rease$ In p8yment.. ser￿lOnary Irw￿$& CPI CaFpd at S.0% por annum CPI caFvd at 2.5% p•r annum 2,70% 1.95% 2.76% Penthn 8CtrL*J è8tw•em fj 1997 ar#J 5 Aprfl 2005 Increasos yOEr Sn paymgnt In Ilne wllh CPI to 8 maxknum ol S% ond pon￿on accrued Irtsm 6 W 2005 I￿r￿a5•S In Ilng ￿4th CPI lo a maximum of 2.5%. For 8voidenB? ofdoubL hrture pewon Increa￿ In defe￿enIor* awumod to bb in line ￿4th tht CPI ?ssumplb)n JI m&rrfJorn rnlr• at Nation4 R•br•￿￿tAg9 INRAI CPI cappd rat•• 2023 83PA tsWe8 vAth tho CIAI_2021 proj￿￿OnS uskng 8 long- l•rm rgt• of Improv•mènt of 125% per Annun. 2U22 S3PA tttblos Iha CMI_2021 uskng a k+n temi of ImproveThnl of 125% ￿r annum. Post reltrem•nt mort8Nty Presbyterlan Church of Wales Motes to tho financlal statsments for the year ended 31 December 2023 R•m•aBur•m•nts overth• year 2023 000 1s0 816 2022 9,349 (1,137) 12121 19,1981 11,108) Eyrlgnc• k)w I llla1￿1 on fiablllllBs ILo8s•91 I gain5fr9rn chang88 kn dam0￿￿C as8LryIIDn8 IL05888110oin8 ITun thgng88 io fin8nclal assumptir I,T14 R•¢onGlllatlon olas6ets and D•fin•d Bonefit Obllgatlon Tho chang8 In as¥ets over tho y&ar was.. 2023 £'ooo 22,839 1.082 33 2022 £'ooo 32,8 579 Falr valu• 01 I￿•1$ at tho hglnnlng otth• y•*r IntBr68t on 0S8gt8 EmplOY•r￿￿l￿OnB Ccntrlt*Jtior* by &*8m• parlclpant& Bereflt8 pa￿ (not 01￿1￿nseS} IMInthti￿ O)8ts R•tum on *195s IntK061 Falr y￿u• of¥¥•ts at th• 01 th• y•or 120 {1,4051 {2421 (9,349) 22,839 (1.0111 14931 1150) 22,280 Adu91 19￿M on achame assets £91£(￿ {2022: £8.rlo,(￿0) Th• change In dgfingd ben8fft IlabllM88 over thè yaar was., 2023 2022 £'ooo 27,B41 671 120 l)efin•d lab111￿￿ at Ilw bogknnlng of tho yoar Current 8eM¢e c<¢t CmtrlbuUon8 by SGhorM pa￿￿p￿t8 Pwt east knternl B•n8fits patd Inet(rfexpenses} C￿ng&S dug to Belttemonts atvl r)Jrt8lMènts Igalnl 1108s on Ilablll Chang0¥ lo derrngwhk aswmpti¢rk Chang86 fo firwckql a8$unwlkJns D•ftn•d bDn•fft Il•bllltl•• at th• •nd of y 16.041 11,0111 11AOS1 11.23Jl 11,1371 {2121 (0.1981 816 808 Presbyterlan Church of Wales Notes to tho flnanclal $latements for the yoar anthd 31 Docember 2023 10. T•nglbl• flxod •q￿1pM•1 Land and flxluM• and Prowrty buldlrw* flttlny Improv•m•nt• £'oo £'ooo Motor v•hl¢l¢• £'fjoo Total £'ODQ At 1 thuary 2Y23 Elknlr*tgd on tjwsal Adthlkns 618 1391 At 31 D￿mber2023 A¢cwnul•tsd D•pr•clallon Al 1 J￿uary 2023 Ellmlnatsd ￿ dtspoul Chwgo brth& ye•{ At 31 Dvnber 2023 N•t book v*lw• At31 D•¢eml)•r 2023 At 31 D￿1mber 2022 654 2,029 15 437 1.199 (38) 39 1.200 1.851 1381 13 31 488 28 1.0 145 333 15 181 185 381 Chorfty Cogti At 1 January 20tJ Transfor *) lTrffllmg PTOP•rty Addiuons At 31 Oe¢emt*r 2023 98 120 120 At 1 January Xl)rJ Eliminatsd on tr¥ Charp for y¥or At 31 Docwnber 2023 N•t book valu• AI 31 D•c8mb•r2023 At 31 Doc￿b￿r2D?2 90 26 11. Htrftago Assets Th• lknJp* Hthltag8 as••ts ar• I￿￿KIed at th• In9uran¢e vthatkn a¢ 2023 rooo 280 S10￿mbar 279 There ￿re no addftFon$ or dlsposal8 In 2022 or 2023 and the esllm8ted irKrease In the valuo of the herllage assets of £1.00012022'. £38.0001 ha8 been cradited as an unreallsgd gdn on vduatlon of Heritage The Charlty h88 a numbgr offuther hgdtage asse18 whlch Indude fumllure. palnlSny, 8liv6rware aThJ other oblecls of hlstorlcal Intere81 rnl#lng to the Church. Th8 collKUon, located al varfous loca￿On8 across Wale$ and bgyond, indude8 8rt8fa(a8 dallng back to th8 nlneteenth c6nbJry arKI fomis Ique rs￿rd of Ihg htstory of tho Church. At thls dote ￿ has been pos8lbia to value these 858ets. 31 Presbyterlan Church of Wa108 Notes to the flnanclal statsments for tho yoar ended 31 Docembor 2023 12. Investmen18 rvrnup 2023 £'ooo 12258 Ch•rlty 2022 £'ooo 12.909 215 7,648 17,3981 1.2041 2022 £woo 12.832 215 7,395 (7,146) 11,1681 £,000 11,938 Al 1 January Trnngf•r from Ilxed as8ds 3,426 13,4281 3.309 13,309) 365 12JOg DIsp05815 . T•n propart1￿afe regid•ni81 #nd orn) 1$ a ctxnmrclal propwty wo9 0¢wIr￿1 In 2012 from a lornl 32 Presbyterlan Church of Wales Notss to tha flnanclal statements for the year ended 31 Docemb•r 2023 11 Stock Grnup Chap 2022 £woo 2022 G¢4)d6 lorr06ak orrfl 14. D•btors 2023 £'ooo Chaimy 2023 2022 D•btorn1gM than pn• y•ar. Mlnmry and rrAs￿On c•ntrbuOoM L¢#n• and JTh)rtg•38s Olher dtrbto￿ ond prepayments 251 q17 785 1,133 251 117 248 124 1.089 124 813 1,1B5 1.064 1.432 Dgbtorn mor• than yw: Loam Tr￿rtgage8 1,297 2,430 1,084 2369 1.297 Loan5 aTrJ niortgag95 ¢or kans and rthllng prop•ty¥thith Rr• av4ltable to mhlslgrs and ern￿Oy￿s of th& churth. The M￿muM w l)an IS £&500 (£8,500 for of an c4r) r•pay•blè 0¥gr • m4xlrroJm p6riod of5 ￿￿8. al an kn18r8st rnt• 013%. r4r10gns are un88curgd bans. The max1￿u￿ r￿)rtgage 0¥ollablo L8 £200,000 wayabl• owr • maximum p8rknd of 30year8, At&n Irtsr•rtral• CA 3%. Tho1¥ orecartain ￿ptIonS to ttrAsa tonnB frnrtgage nrles Set bythg Churc*t 8nd ••cl) be Ca￿lder8d on an Indwual basls. Tho mrxtgage is saeurad by a Ilrsl thanJe Bgalrffjt thé propety. At tho G￿•r01 Asse￿￿ In Jjly 2024 ts mortgag& 8chem& was swwnded lex¢8pt ljr 6xeeplon41 awjJm8tAn￿I unUI th• MInu8ti￿ D¢pwtment c￿￿d9￿1 tho nwl tha Scheme. 15. Crgdltor6: Arnount8 falllng dug wlthln one year Group 2023 £YJOD 2022 2022 eooo Cr•ditorn and *crSu￿$ 404 376 424 370 870 376 370 1.176 Amounts falllng du• aftor moro than gno y•ar Grgup 2023 £'LWO Charfty 1022 £'ooo 2022 £'ooo Loan from the PIYrt￿8 Bo8rd ofth Church ofW819¥ 3.237 3.220 3,2S7 3,220 3.2J7 3.220 The IDan8 er8 unsocurnd and bèar Interest at varSNblg rale8. Th• loans have no fixed repaymènt tern￿. but thg lender ha8 confirned that thay do rM)t Intgnd to sfyek TrpaYM0nt￿th1n 12 monts of the year and. 33 Pregbyterlan Church of Wale8 Notes to tha flnanclal statements for the ￿•r end•d 31 D•c•mber 2023 Movernonl In Unrngtrlcted Funds Incom• Exwdllur• G41r￿1 Tr4nof•rn Ooss•s) At31 1 Janu8ry 2￿23 £WO £'ooo £000 2025 £MO UweBtrl¢t•d Fund Ptn8lcfft Ros•r Total Group and Char 4.238 6,798 4,374 316 113171 15551 13.072) ty61 5,319 4.785 (1.7741 4,￿0 (IA921 10,104 Prlor yoar In¢•m• Exp•ndliw• G*ln•l Tran•f•v¥ 0088•11 £000 At31 DK•mbDr 2022 £0 l JIn￿ry e'ooo £000 re8tr1ot•d FundB Pen6b)n ReseN• Tolal Group •nd Charty 3,270 (3,8371 14831 {41201 11871 4.769 2.433 8,798 9121 1181 118n 17. Mov•mont In R6Btrlcted Funds At 1 J•Th￿ry 2023 Incom• Exp•n¢thlvE• Trnn•f•rn At31 D•￿fflb•r 1023 £000 rooo £woo £000 Ofjparbmont Rob¥rt Tn￿( Hi8torkl Chrfstlan Ald Mi&skn ProBrnrNfft Fund ModerDlor8 Fur¥J Oavl•¥ Lecture Tntht Sale c¢Th8rAogk41 CoN8g& FUNI S819 of Chapefs Fund T¢tal Charfty 3,054 364 145 (7421 154) 2.691 121 1651 13) 13) 50 12 102 63 1,114 J,958 1.114 4572 150 Colg9 y Ba Cdag Trtha Howell HarA# Muwuwn and *rt8facls cp￿¢￿￿&t*s artd Tralnlng Olpartfftnl Fund Welsh C8Mnl8de MgthodlBIAssur8nc* 241 512 7T 158 {1821 12291 105 241 441 279 42 14 125) 41 1.896 7.654 278 1906) {1,321) 18 Jo T*)ts113Mup 7.13• Presbyterlan Church of Wales Noto3 to the Ilnanclal $tatsm•nts for the ￿ar ènded 31 December 2023 Prfor y•ar Ine(Mn• Exp•ndllur• AtJ1 l J•nu4ry 2022 £OO(* 2022 Miniglries Depaikn8nt Rob6rt Dbvkns TnJ8t Hlstorfcal ChrEsttan Aid M18slon Progrnmmg Fund Moderalor8 D8vlgs Lecture T￿1 Sakp of Twe9￿1 Cc41898 Fund Sal• of ChaFels Furvj rotsl Charfty 4.373 400 159 571 16881 1461 (53) 3,054 121 32 19 114 1821 12 1231 (1691 IA71 1.302 1.128 7,545 1141 {842} 1,114 164 pi Co* y Bhla Colgg Trgfeca Howell Hths Musoum Antl Artefaets C8ndidth Tranlng Departmènt Fund W81sh calv1￿$llC M$thodht Awranc* Tw8t 59 407 1172) 1223) 128 241 261 612 241 279 741 44 {1011 {461 1151 823 41 41 (4961 {t,3381 181 (914) Total Qroup 9,1 674 147 7,654 Presbyterlan Church of Wales Noles to flnanclal statsments for the yoar end•d 31 Decemb¢r 2023 Analys1* of Group Net A88•ts TanqllJl• and hwltag• flxgd AtJl Ollthr rh•t D•c•mbor a•BOtg 1 2023 labllfth8) £'or e•)00 Inve•tments £'ooo £'ooo Un¥••trkt•d funds Tot*1 S,822 BM22 (5291 (029) 5,319 J19 R••trfct•d fvnd• Mi￿51￿88 D8partsner Robert D&wo8 7n*l Hl8torkal S*•ty Chrl8tian Njd Mi88bn Pro9rnMF￿ F￿d Modorator3 Fund 4,821 356 12,230) 34 2.591 75 1,230 27 125 1.114 102 223 102 1,355 1,114 241 441 Sale of Th￿9k*1 Colhge Fund S* of chap￿ FuTrS Col•g Y Bal Coleg Tr•f8¢a Howell Harts Mu69um Candldatss & Tralninu Fund Charfty Wdsh Camnlth mothc￿18t A88ur4K• 218 335 225 42 42 Td 7.130 Tdal n•t aM•ts l•x¢ludlry Pon￿0￿ •sMt) 613 12.638 (798 Presbyterlan Church of Wales Not98 to th• financlal stat•ments for the yoar endod 31 December 2023 Prlor year T•nglbl• and P*Tltag• fft•d •01• Inve*trM•nts At31 ljhor n•t assèts I 2022 rooo £W(Kb Unre8lrl¢t•d fund• 5,742 1742 (1,494) (IA94) 4256 R••trkt•d fund• Msnislm D•parknpnt Robert Davbs Thjst H￿101104 Soclety Chrlsuan Akj Mlssi¢•n Prwamme Fund Wjderatorn F￿d DaY￿B Lthirg Tnjsl Sale ofThec4ogkal Cthg8 Fund S*& of Ch•peL* Fynd C¢lag Y Baia Col•g TrglKa Howd) HaNi8 Museurn Cafidklat¢s & Tmnlnq Fund Cherlty Welsh Cathniti Moth(x1tst A8JuranG Tru61 4,632 320 (1.578) 20 13 13 27 12S 1.114 87 1.177 1,302 1.114 241 512 87 279 320 302 41 41 6A16 Total Mt •M•ts l•x¢ludlNJ p•n¥lon 128 (1,IJ08) 11,910 19. Relatad Pwty Trans8￿11)n• In ac￿rdance with paragraph 33.1A of FRS 102. the Church has not ￿ad￿d to d￿Ckn$e related party transactions ￿th Ihg gxemptlons afford•ts to qroup entit(es. At th& yearpend no trustee (2022.. nong} of tha Church had on outstsndlng rmrtggge from th8 Churth. At the yearénd no trust¢e{2022: nono) hod an wtJt8ndry car loan from theCh(YchwlLh a valuo of £nll 12022.. £nlll. Adddonally, four momb8rs of Senior Staff of th& Church {2022: Ihreo) had outstaTrJl￿ motyges and C4r bans Irom thg Churth wth an aggrep818 value of£172.127 at yw end {2022'. £173,489). Total intsr6St £5,45212022', £5,031) was payablg In relakn ID these balancos relathYJ iD trustegs and staff yagr. Cbs8 rdatfves of three 8er*Jrstsff rremb8rs AT¢ emW6d by or are MIn￿l•[S vAtth the Church. ofwhlch Im121722'. ong) has 8n outstsndlrwj mortpJe and car loan wmh ￿ Church ￿ wt 8ggregat& of £51,55412022'. £58,754). Totol *rter881 of £1.76312022.. £1,979) was pay8￿• kn r6￿c¥b to th•50 bakqnces r•latry to close relative5 of senk>r staff durfng th8 ygar. A (*)88 reladve of a senh)r slaff m8n*)8r ha8 undertaken contraded work to the value of£8.7￿. No c>)se rolakns of Trt*ts88 have wtstandlng mrtg8geg or car vAth 1hB Church (2022.. nll) * vdue of £nll (2022: £nill. Tolal Int6r8¥t of £nll (2021. £nill was payth In r81gtton to Ihose bolaru# relalng to a c40s0 rekllvo cla Thistoes cknrin9 Ihfr year. 37 Presbyterlan Church of Wales Notes to the flnanclal statements for th• year ended 31 December 2023 20. Prlor year analys18 of unrè8trlet•d and rastdet•d Incom? and •xpendlture Unr•strfotsd R•strlct•d lund• funds Tol•l luDd* 2022 £'ooo £wo £Tho In￿m0 from genwatèd fund•: InLqty rn1￿10n (xJntrlbuil( Donauon Lagacl08 Grsnts 2,113 2,113 71 27 11 Incomg from invo8trnents 157 197 354 Incom• from ¢hwilabl• &rtl¥lti Cc41890$ 8nd c•nwo8 othor Ir￿rfie r4)th1 425 1.053 4,033 1,041 12 874 Exp•ndlur• on: Charlta￿e acti¥lb•s: Mlnistws bwDpfi¢& E￿￿￿nk81dndPe￿C0ntrlbIrt0ns G¢*98S8nGI￿ntf•S C08t8 3h18 542 111 4,on 691 227 4,109 769 517 4395 1,J24 Othfrr 49 4,120 14 1.338 Nat In¢ome l (exp•ndliuv•) bofw• •xceptton*l Item 1684) 11.4281 Exe•plknal il•m sottl￿nI and eurtANmonl hccffl• on d08ur& lo fvknre 8cenJal ol d•fimY b•l￿fft F•llBlon srh8m• 1.235 N•t Inwm• I l•xp•nthr•) aft•r •x¢•pttonal It•m Net gakns l (b98es) ¢n Iftvo8tn￿ts Nel Inmmo I 1•X￿nI11￿M} Traneforn beh%*6n fw Other r80)gnl8ed g￿n8/ Oossttsl: Los3 Qrt thsWoffixedo8$0ts Valuellon of1• assèts A¢luarf&l 0￿Y￿al￿ on deffnod b8n8fftpenwon xh•me 474 1664) (952) 11,0161 187 {1WI 11,2041 11.3941 12521 222 187 1.198 1,198 Not mpv•mort1)n fvndg (158) R•¢onclNatlon of lunds: Total funds brought forw8rd 9.821 9,045 18,8 18,708 38