2024-12-31-accounts

YR EGLWYS YNG NGHYMRU THE CHURCH IN WALES . THE REPRESENTATIVE BODY OF THE CHURCH IN WALES 2024 , Tql {.(

,ontents Chair's IntroduGtion Trustees, Report 02 Independent Auditors, Report 24 Statement of Financial Activities Balance Sheet 28 Cash Flow Statement Notes to the Accounts 30 To return lo this page, click the page header Front eover rjhotographs.. lop 18ft.. 8Ishop Davld consecrated as the youngest ever bishop in th8 Church in Wales in Bangor Cath8dral in May. lop midiYI8.' 8lshop Dorrlen enthroned as the 180￿ Bishop ol St Davids in the Calhedrdl in Fobruary. The R081oring Welsh Rlvers Summll, was hosted by tha Archblshop In Cardiff In November. A farm church in the dlocese of Monmouth In June- complete with a speaal baptism in the churchyard with a rnilk churn fonll top right.. boÈlom left.. bollom middle.. The blshops of the Church In Wales at Blshop DavSd's consecratbn in Bangor Cathedral In May. boltom righl.. More than 200 peop18 filled St Mary's Church, Abergavenny lor the first Monmouth di(￿£$an celebralion seNc8 in May.

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Chair's Introduction 2024 marked the start of a new triennium for the Representative Body. This marked some new beginnings, for Dean Nigel Williams wha was appointed Deputy Chair of the Representative Body - and therefore became Chair of the Flnance Committee - and Richard Anning who was appointed as Chair of the Inv8Stment Committee. I have full confidence that these appointments can only build on what has been achieved to date. The RB also welcomed several new trustees and I, as always, am very graleful for the lime and service they, and those who serve on the RB'S committees, are willing to give to our Church. Personally, l am honoured lo have been reappointed as Chair of the Representative Body and am very grateful for the support shown again by my colleagues. It is therefore with gratitude that I present this annual report of the Representative Body. The Church in Wales, in this past year, has navigated a landscape marked by significant global and local changes and we have witnessed significant milestones, strategic advanGemenls. and a renewed commitment to our mission and values. In my remarks for last year's annual report, I celebrated the inauguration of the Church Growth Fund.. a commitment of £100 million from capital reserves to develop innovative approaches for sharing the transformative message of Jesus Christ throughoul communities in Wales. Since then, sixteen applications have been approved by the Church Growth Fund Allocation Group, covering an inspiringly wide array of approaches for projects big and small in their conception to foster church growth. Alongside this, a further £3.7 million has been distributed to the dioceses through the Structural Resilience Fund, a strategic initiative lo develop the long-term stability and strength of the Church's infrastructure. l Gontinue to celebrate the Church's commitment to its mission. The Representative Body's investment strategy remains Ihe cornerstone of its fin8nclal stability, and this year has been no exception. Investments are managed prudently to fulfil the Represenlalive Body's commitments lo the Structural Resilience Fund, the Church Growth Fund, the provision of funding to the dioceses as well as operatlonal expenditure. l extend my heartfelt thanks to the clergy, lay leaders, volunteers, and congregants of the Church in Wales whose dedication and faith the Representative Body's supports. Your support is instrumental in advancing the mission of the Church in Wales. To close, I will reilerale my commitment conveyed in last year's annual report.. the Represenlalive Body exists to serve, support, and resource the six dioceses and mission and ministry areas of the Church in Wales. We uphold this commilment as we embrac8 the challenges ahead, confident in the prornise of growth and the flourishing of our province in the years to come. Professor Medwin Hughes Chair of the Representative Body

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Trustees, Report Objectives and Activitles The Representative Body's key obleclivas, purposes and main activities are- To manage ils investments so as.. To meet the past service liability of the Clergy Pension Scheme. To provide the maximum sustainable level of support for the work of bishops, dioceses, parishes and cathedrals. To manage the ecclesiastical and secular property vested in il for the uses and purposes of the Church in Wales. To support the Bench of Bishops in ils oversight of the St Padam's Institule by employing its staff and providing financial and operational support resource. To employ specialist staff to advise the bishops in connection with their allocated portfolios of activity. To provide an efficient and professional administrative servlce across a wide range of functions including.. Payment of stipends and pensions to serving clergy and pensioners. Management of trusts and other funds held provinci811y. Organisation of provincial meetings of the Representative Body, Governing Body, Bench of Bishops and their committees. Provision of guldance forlhe wider Church on a range of issues includirbg safeguarding, IT, property management, data protection and human resources. Maintenance of databases and information management.

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales 2024 Objectives The Representative Body's key objectlves in 2024 were fo.. Adminlster the Church Growth Fund in line with the crileria and applicalion process devised by the Church Growth Fund Allocation Group. in consultation with the Represenlallve Body, ensuring rigorous scrutiny and accountability with accessiblllly and a willingness lo encourage and support innovation. To work with dioceses to develop protocols for the mutual sharing of information to ensure financial transparency. To develop a holistic property strategy which will inform decision-making around and management of each type of property within the Church in Wales. To continue to provide training and practical support to assist all parts of the Church in W81es to 8ngag8 effectively with the Climate Emergency and the rnovement towards being carbon nel zero by 2030. On-going Objectives The Representative Body s on-going objectives continue to be.. Maintaining diocesan support Maintaining financial support for dioceses through the Partnership Funding and other provisions. Financial stability Ensuring the financial stability of the clergy and staff pension schemes. Fund performance Generating investment returns thal exceed agreed benchmarks. Safeguarding Continuing to strengthen the chijrch's capacity in safeguarding as we seek to be a safe church The Representative Body's achievements towards the above objectives can be found within the achievements and performance section of the report. Public Benefit When planning Its activities for the year, the Represenlatlve Body has taken into account the Charity Commission's guidance or) public benefit and ils specific guidance to charities for the advancement of religion. The Representative Body provides significant financial support for the activities of the Church in Wales which is present in all communities throughout Wales. As such, the Representative Body's assets (which include most church buildings and church halls) are 8vailable to the whole community. Regular worship, marriages, funerals, baptisms, pastoral care and oulreach both at home and overseas are just some examples.

Annual Report and Accounts 2024 | The Representalive Body of the Church in Wales Achievements and Performance To ensure the Representative Body's uses its resources in the best way to achieve its aims and oblectlves its operations are supported by four staff activity groups.. 1. Mission and Strategy 2. St Padarn's Inslitute 3. Legal, Safeguarding and Data Prole¢lion 4. Operations The achievements and actlvltles of each staff activity group during 2024 have been surnmarised below: Mission and Strategy t Published a digital lectionary and produced an online Advent course. t Thoroughly revised and implemented an updated Provincial Discernment Panel process and finalised a new clergy wellbeing programme t Produced guidance on a range of theologic81 issu8s such as the use and misuse of spiritual authority and same sex unions. t Developed plans for a collective energy purchasing scheme for the Church in Wales. t Substantially inGreased the amount of material published via the website and on social medla channels, including films to support the Church Growth Fund, the Restoring Welsh Rivers Summit, and Sl David's Day celebrations. All material is now produced bilingually across all platforms. t In 2024, the Church in Wales website had a total of 691,738 page views. Over the year, 364 pages were created or updated, a 580/0 increase from the 230 pages added or updated in 2023. t Completed an accessibility audil and published the first accessibility statement on the website. The Church in Wales website was also added lo the Silklide Index, an index that evaluates the web accessibility of organisations and assigns Ihern a score based on their level of compliance with the globally-recognised standard for web accessibility, Web Content Accessibility Guidelines {WCAG). Updates to the website, based on this feedback, are planned are planned for 2025. t The Church in Wales social media team is now active an.. Facebook, Instagram, Bluesky, X, YouTube, and Linkedln. Reach and engagementconlinueto grow, with an increase in Facebookreachof193,000, and an increase in Inslagram engagement by 1.600. Video production capabilities have grown and reels and longer videos are regularly posted which reach thousands of people across all platforms.

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales st Padarn's Institute t Reorganlsation of staffing to invest more in worship as foundational to the institute's life, and formation as a key priority for the Church. t First steps in a project to diversify assessments across all our academic programmes lo increase accessibility, support the growing numbers {340/.) of learners with Identified dlsabllities, and respond to the challenge of generalive Al. t Launching the 'Whole World Project, curriculum. a three-year focus on ethnicily and disability across our t Th8 beginning of a capital investment programme on the Llandaff site lo ensure the facilit188 are fit for purpose. t Commission and design phase of new Continuing Ministerial Development package for 'ministers with enhanced responsibilities,. t Modest increase in numbers enrolling on Theology for Life {BThl and Master's programrnes. Legal, Safeguarding and Data Protection t Safeguarding staff were responsible for managing oradvising on 421 casework concerns and requests referred to them lan increase from 247 in 2023). t 125 Safeguarding training courses and 19 data protection training courses were provided, in-person across Wales and online, to volunteers, clergy and lay staff as well as canon law training to ordinands and clergy new to the Church in Wales. t Permission from the Charity Commission was obtained to revise the terms of over 300 Chancel Trusts, allowing £2.5 Million of trust funds to be used for wider church fabric purposes. t A range of confidential advice was given to the RepresenlatlV8 Body, Bench of Bishops and Goveming Body committees on matters including property, employment, charity, canon and pension law. Operations t Governan￿ structures and processes for the Church Growth Fund were devised and implemented and the first grants were made. t Following a national consultation, the provincial HR service has been extended to dioceses and clergy. t The membership application, which allows the real-time recording of church attendance figures, was rolled out across the province. t A national consullalion on propety strategy was begun and a reslruclure of the department to meet contemporary demands was inilialed. t A new InfoNet database system was delivered on schedule. t Al the beginning of the new triennial period of membership, a trustee Iraining day look place which marked the first time all trustees had been together since March 2020.

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Other Achievements t The Restoring Welsh Rivers Summit, hosted by th8 Archbishop, at whlch more than 90 people from across the UK, including scientists, farmers, environmenlalisls and water industry represenlalives, came together lo discuss the challenges facing watercourses in Wales and to look at ways of improving water quality. t The facilitation of a Diocesan Learning Community with over 70 guests in attendance. The event focused on Ihe highs and lows of Mission Area life across the provin￿, with sessions focused on different themes. t Fraud prevention workshops were provided to departments throughout the Representatlve Body as well as lo the bishops, offices. Support for Dioceses During 2Q24 the Representative Body continued to provide a comprehenslve portfolio of servI￿s, advice and financial support to the wider Church in Wales. Examples of services and advice provided durlng the year were: Human Resources The leam provided support in relation to clergy office holders and Represenlative Body employees. A thorough review of policies and procedures is undeNay to ensure that they are compliant with recent legislative changes and are fit for purpose. Work is underway, with others, to focus on training and development opportunities for clergy and staff. Property Services The team provided advice and support to th8 whole Church in Wales for its estate of church buildings, residential and other properties, graveyards and other land holdings. Legal Services The team provided advice to ministry areas and parishes in connection with approximately 1,890 trusts. Safeguarding The team provided training as required to mission areas and parishes, conducted the DBS checks and dealt with the high volume of casework across the province. Finance Services The team adrninistered the payment of stipends, managed the administration of the Common Investment Fund, the Clergy Pension Scheme and the Staff Defined Benefit Scheme. The team also processed significant volumes of purchase invoices, prepared monthly management accounts and assisted with queries. IT Services The team provides computer services to staff in diocesan Offi￿8, Ihe provincial office, St Padarn's and bishops, offices. Church in Wales e-mail addresses are provided for clergy in all dioceses wilh thls work remaining ongoing in 2025. Governance Services The team provided the provision of secretarial support to the Governing Body, the Standing Committee, Ihe Representative Body, and their sub-committees, and to the Bench of Bishops.

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Financial Support The Representative Body provided the followlng financial assistance to the dioceses In 2024.. Funding Ty.pe Funding Provlded Partnership Funding £2.5m Structural Resilience Fund £3.7m Evangelism Fund £1.2m Church Growth Fund £1.Om Partnership Funding Provided to help with costs such as stipends, clergy penslons (current service contributions) and certain other categories of expenditure, so enabling provincial funding to be used more flexibly by the diaceses. In addition, Bishops, costs (including their office costs) are met directly by Ihe Representative Body. Structural Resilience Fund A strategic ten-year funding initiative totaling £37 million aimed at ensuring the long-term stability and strength of Ihe Church's infrastructur8 (see Note 18 for further details). Evangelism Fund Established in 2018 by the Representative Body to provide major funding for dioceses to enact their strategies on evangellsm and church growth. The Evangellsm Fund has now been replaced by the Church Growth Fund. Church Growth Fund Launched in October 2023 wilh £100 million of capital reserves being set aside to invest in evangelism over the next 10 years. The Representative Body has committed signlflcanl sums of money over a 10-year period and this commitment may affect the long-term ability of the charity's Investment portfolio to generate income. It is imperative that this funding is used appropriately, and an important element of ongoing work will be to ensure projects which receive support from the Church Growth Fund are held accountable for their effectiveness.1118 a condltion of all Tier 2 grants (£10,000 or morel that a Project Manager be employed. One of Ihe roles of the Church Growth Fund Allocation Group is to rnonitor, audit and challenge projects that receive funding from Ihe Fund and - where necessary - reduce or discontinue work that is not bearing fruit. The Allocation Group has also designed the application process for the Fund, assesses applications made and makes grants within agreed budgeting param8lers.

Annual Report and Accounts 20241 The Representative Body of the Church in Wales Investments Policy and Objectives Section 20 of Chapier111 of the Conslltution gives the Representative Body the power to invest all monles it holds in trust for the Church in Wales, which gives wide ranging authority for investment. The objectives of the Representative Body's investments are to.. £ Achieve a balance between sustainable levels of inGome and capital growth. £ Optimise total returns without undue rtsk. £ Contlnue to meet the Representative Body's current to long-lerm liabilities and income commitments. £ Operate within the constr8ints of the Church in Wales's Ethical Inveslmenl Policy. Diversification in a range of assets is essential to reducing risk and therefore forms an important part of the investment strategy of the fund. The assets in which the fund is invested are regularly reviewed. Fund Managers Sarasln & Partners LLP and Newton Investment Management each manage one half of the stock exchange inveslrnent fund, under a Global Multi-Assel mandate. Clutlons LLP manage both the investment properties and the property unit trusts of the charity. Investment Performance Stock Exchange £ Investments increased by 9 % to £739.1m. £ The total return ofthe investments was 8.2010 compared lo the ARC comparator of 10.30/0. £ The annualised returns outperformed the comp8r8lor over 3 years. The performance of the Representative Body's total inveslrnenl fund, including the stock exchange investments and property investments, is measured relative to Ihe ARC GBP Steady Growth ACI benchmark. Investment Properties £ The Representative Body holds 9 investment properties as well as units in 1 Property Unit Tnjsl. £ The 9 properties are Independently valu8d al each year end. £ The investment property portfolio increased by 40/0 to £60.2 million £ The property portfolio is measured against the MSCI Monthly Index. £ The investment property portfolio equaled or outperformed the MSCI Monthly Index over all periods.

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Ethical Investment Policy The Church in Wales has had an Ethical Investment Policy for many years, wilh the current policy statement being adopted by the Governing Body in April 2021. This policy provides the Representative Body wlth an investment framework that is both ethlcal and conslstent with the furtheran￿ of its aims and objectives. It is entirely appropriate and possible to operat8 SLJch a policy alongside the requiremenl to achieve the best returns from our investments, and to use its investments as an ethical means of conlribullng to the cosl of ministry and mission in the province. The Ethical Investment Policy can be viewed via the link.. htlps.'Ilwww.churchinwales.org.uklenlpublicalionsladministration-and-businesslethical-investment-policy The Representative Body wishes to be a well informed and responsible investor, and to this end is represented on the Church Investors Group, which is a means of a¢￿SSing research, obtaining reliable information, sharing besl practice with other member organisations, and exercising combined shareholder Influence. Ethical investing. including ESG items, are discussed by th& Inveslmenl Committee at each meeting.

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Financial Review Results The Representative Body operational results for the year were.. General fund income £21.3m £23.0rn General fund expenditure 1£24.2m) (£21.8m) Net operational {deficil) I surplus (£2.9ml £1.2m The overall results of the Representative Body for the year were.. Net operational {deficitl I surplus {£2.9ml £1.2m Investment gains £64.7m £46.5m Clergy pension provision movement £4.9m {£12.5m) Revalualion of fixed assets (£7.5m) (£1.Om) Actuarial gain on pension scheme £2.7m £0.4m Net movement In general funds {before transfers) £61.9m £34.6m Financial Suminary Over 96 % of the Representative Body's income is generated through its investments. The income generated by these investments is used to fund the Partnership Funding lo dioceses, training through St Padarn's Institute, the ministries of the seven bishops and the operations of the provincial office. As noted above the Representative Body is running an income and expenditure deficit and its expenditure has for many years exceeded ils income, but this is offset by the capital gains of the investment portfolio. The Representative Body is aware that commitment lo structural expenditure which progressively erodes its capital base will reduce its income and ability lo fund Ihe ministry and mission of the whole church in years to come. 10

Annual Report and Accounts 20241 The Representative Body of the Church in Wales Pension Schemes Defined Benefit Pension Scheme The charity operates a defined benefit pension scheme which closed lo new entrants on 31SI March 2017. A full actuarial valualion of the scheme was carried out on 3151 March 2024. The table below summarises the results of the last 3 valuations.. 2024 2021 2018 Actuarial valuation £2.89m {£2.71 m) {£3.16m) Employer contribution rate 18,/. 260/. 220/. Clergy Pension Scheme The Clergy Pension Scheme is a non-contributory final salary scheme and is a significant benefit for the clergy. The Clergy Pension Scheme forms part of Ihe overall investments of the Representative Body and the long-term challenge is to ensure that pension liabllilies are held as a stable proportion of the Representative Body's total assets. The Clergy Pension Scheme is reviewed every three years and the last actuarial valuation that took place as at 31 st December 2022. The n8Xt actuarial valuation is due to take place at 31 Bt December 2025. The table below summarises the results of the last 3 valuations.. 2022 2019 2016 Market Value of the Representative Body's General Funds £733m £719m £607m Value of Past SeNice Liability {£140.4ml 1£196.2ml 1£187.8ml Liability as a proportion of General Fund 27.3 % 30.9° Employer's Current SeNice Contributions 26.80 36.5.10 38.80 Reserves Policy Reserves provide financial stability and allow the Representallve Body to conllnue operallng through flLJcluations in income, unexpected costs, and broader economic uncertainty. The primary purposes of holding reserves are lo.. Provide a buffer against short-tem income volatility, particularly due to the market fluctuation of the investment portfolio. 11

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Reserves Policy continued Ensure operallonal continuity during periods of financial challenge. Invest in strategic opportunities aligned with the Representative Body's aims and objectives. Uphold the Representative Body's duty of stewardship over the resources entrusted to it. The Representative Body holds a substanlial portion of its reserves in stock exchange-listed investments. While these provide pot8ntial for growth and income generation, they are inherently subjecl to tnarket volatility and may fluctuate significantly in value over short periods. The Representative Body has agreed that unrestricted free reserves (excluding fixed assets, designated funds and endowment funds) should be maintained at 8 level sufficient to: Cover a minimurn of 12 months of core operational costs. Withstand a 25 % downturn in investment values without compromising the charity's abllity to meet ongoing commilmenls. Enable the Representative Body to respond lo strategic or emergency needs in line with ils objectives. Target free reserves level Based on the above principles the Representative Body's target reserve policy is calculated to be.. 2024 Target reseNes level £361 m £345m The target free reserves level will be reviewed annually in light of changing risks, commitments, and financial forecasts. Reserves of the charity The Representative Bodys reserves at the year-end consist of.. Endowment funds £5m £5rn Designated funds £391 m £364m Pension reseNe £4m £1m Free reseNes £527m £498m Total reserves £927m £868m 12

Annu81 Report and Accounts 2024 | The Represenlalive Body of the Church in Wales Reserves Policy continued At the year-end, the Representative Body held free reserves in excess of the target level. The Representative Body's income is primarily generated through investments held on the stock exchange, and the majority of its reseNes are 81so invested in listed securities. The value of these reserves can fluctuate with market conditions, and the current excess reflects favourable markel performance rather than a significant change in underlying financial activity. The trustees regularly review the reserves policy to ensure it remains appropriate In light of the Investment strategy and long-lerm objectives. The current level of reserves provides a necessary buffer against market volatilily and ensures the Representative Body can maintain ils activities and respond flexibly to emerging needs within the Church in Wales. Fund Purposes The Endowment Fund represents the value of the former Sl Michael's College sile which is used as a theological college and is known as St Padarn's Institute. The Designated Funds are general funds eamiarked for an agreed purpose. All designated funds are reviewed annually by the Finance Committee and returned to general funds if the purpose of their designation is no IoTiger required. 33°/o of the total designed funds Gomprises the value placed on charily's fixed assets and non- investment properties. These are not income-generating assets and reflect the working plant of the Church. The remaining balance is specifically earmarked for fulure costs. The Pension Reserve represents the value placed on the stsff defined benefit pension scheme by the actuary. The Free Reserves (General Funds) make up the balance of the funds and are the assets that are invested in stock exchange securities and investment property on a total returns basis to generate the inwme and capital returns required to 'run' the Represenlalive Body's operations. The Representative Body aims to achieve a 5.5 /0 total return, although this may not be sustainable in the future. The total retum expendlture policy is based on the amount of General Funds held by the Representative Body. The policy is to sel spending al a level intended lo provide vital funding for the Church in the short term whilst preserving the investment base to provide sustainable increases in annual expenditure into the future. Risk foianagement The Representative Body has an extensive risk register which is overseen by the Audit and Risk Committee along with regular reviews by all risk owners, the Chief Executive and the Chief Operating Officer. It is formally reviewed annually by the Representative Body. The 2024 risk register identifies the major risks to which the organisation is exposed and the scope of such risks. The register then identifies the Controls and procedures which have been established to manage and millgate those risks, from which there are defined action points, strategies and timescales lo mitigate risk further. The 2024 risk register has identified the following as the seven most significant risks and the plans and strategies for managing the highlighted risks: 13

Annual Report and Accounts 2024 | The Representalive Body of the Church in Wales Risk Management continued ' Mltigatlon',and Sttstegies. Firewall and security procedures in place at all sites Deployment of DarkTrace network protection Annual penetration testing Two-factor authentication to access network. Unauthorlsed network access Failure by any part of the Church in Wales to follow the Safeguardlng Policy Safeguarding policy in place Training provided for all clergy, lay ministers and volunteers Dedicated safeguarding case working and trainers Provincial Safeguarding Panel. Dedicated staff members to manage redundant church buildings Grants provided to assist with repairs to avoid closures Property department offers support and guidance Regular meetings with dI0￿$an teams to horizon scan. Increasing number of redundant churches Partnership funding and structural resilience funding provided with a 10-year agreement Annual accounts and management accounts submitted by each diocese Regular communication and dialogue with each diocese Regular meetings between the DBF Chairs and the Chair of the RB. Financial instability or insolvency of a DBF or cathedral Investment performance reviewed quarterly by the Investment Committee and regularly by the Chief Executive and the Director of Finance Diversified investment policy in place Stock Exchangeportrolioismanaged bytwofund managementfirms, with the property portfolio including a mix of property from different sectors, whose performance is measured relative lo a respected benchmark Robust cash flow forecast and reporting tool in place to ensure rnoney is only withdrawn from portfolios when required. Unplanned reduction of the charity's assets DarkTrace network prolection system offers cutting edge Al driven nelwork and viral protection Password management protocols supersede recommended IT security audit standards Annual penetration testing Training provided to all staff al regular inteNals. Computer viral attack Interconnected membership of main structural bodies with consislent staff presence and support Quarterly meeting of Representative Body and DBF Chairs and secretaries. Governance Developmenl Group formed Bench developing proposals for a priorities statement. Governance structure of the Church in Wales no longer approprlate for the needs of the organisation 14

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Governance Structure .Govemlng R"ePthseritatlvè'.... '8tandin9 .Comniltt"ee. . 8afegvar4lno Committèè Appointments and Buslnéss Sub¢ommlttee Draftlng. Sub4ommltt•e Sub4ommlttee F.Inan￿.. Coth"mitfoe 'Audit a.Risk C¥i7imitt¢e Cqlhedrals'& hurcbe$ . Conlinlss'ton R¢4oui"è¢s CothmiÉlée Invq$tmorit CoMEhlttéè ¢omthSttp* 15

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Plans for Future Periods Climate Change Following the Governing Body's Climate Emergency declaration in April 2021, the Represenlalive Body appointed a full-time member of staff to bring focus to this important area of work and much work has been done to engage with all parts of the Church in Wales. The Representative Body is committed to supporting the whole Church in ils r8spons8 lo the global climate crisis. Church Growth Fund The Representative Body remains committed to supporting dioceses as part of its long-term mission. Looking ahead, the Representative Body will continue to provide this support through the £100 million Church Growth Fund. This investment will enable innovative projects and sustainable growth, ensLJring the Church can continue to serve communities effectively and faithfully in the future. Effectiveness of structural governance The Church in Wales is a large organisation and ils macro slructure is complex. The leadership of the Church in Wales centres on its bishops working together as members of the Bench of Bishops., the strategic direction of the Church in Wales lies with the Governing Body through its Standing Committee., and management of the financial assets and governance lies with the Representalive Body. Ideas will be explored to ensure the current arrangements are as effective as they might be with the possibility of bringing closer together the stralegic work of the Standing Committee (which includes the bishops) with the asset management role of the Representative Body explored. During 2025 both the finance and property teams will implement their restnjcturlng plans. Structure, Governance and Management Governing document The Representative Body was incorporated by Royal Charter on 24° April 1919 8nd registered with Ihe Charity Commission on 11 th July 2011. The charity is constituted to hold all property and investments vested in it in trust for the use and purposes of the Archbishop, Bishops, Clergy and L81ty of the Church in Wales. These assets are held lo maximise the support which can be given lo the mission of the Church in parishes throughout the province. Recruitment and appointment of trustees The Representative Body comprises up to 26 memb8rs and normally meets three times a year. The membership and functions of the Representative Body are regulated by Chapter11 l of the Constitution ofthe Church in Wales. Trustees (other than ex-officio trustees) are appointed for a Ihree-year term of m8mbership. The Representative Body's membership consists of.. The Archbishop The Chair of the Slanding Committee ofthe Governing Body The Chair of the Diocesan Board of Finance of each diocese One cleric elected by the Diocesan Conference of each diocese 16

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Structure, Governance and Management continued One lay person elected by the Dlocesan Conference of each diocese Up to four members nominated by the Bench of Bishops in consultation with the Standing Committee Up to two members co-opted by the other members of the Representative Body. The following are eligible to be members of the Representative Body.. Any cleric who holds an ecclesiastical office in the Church in Wales or a license from a diocesan bishop in the Church in Wales who is not retired nor has reached the age of 70. Any lay communicant over 18 and under 75 years of age who either.. Resides or has resided for a period of 12 months in a Church in Wales parish- or, Whose name appears in the electoral register in a Church in Wales parish and who does not belong lo a religious body which itself is not in communion with the Church in Wales. A lay communicant may be elected 8 member of the Representative Body only for the diocese in which he or she either resides, holds dI0￿$an office or has his or her name on the electoral roll of a parish in such diocese. No full-time employee of the Representatlve Body, a Diocesan Board of Finance or any other SUGh provincial or diocesan body within the Church in Wales shall be eligible lo be a member of the Representative Body. Trustee induction and training It is the policy of the Representative Body that ils members should be provided with training appropriate to Iheir duties both as charity trustees and as members of its committees. New members are given the opportunity to attend extemal training events for charity trustees and invited to an induction session at the provincial office to meet staff and to learn more about the work of the Representative Body, the Governing Body and the Bench of Bishops. In addition, members are offered training tailored lo meet specific gaps in knowledge or experience, often linked to a member's work with the Represenlalive Body's committees. In the past this training has proved to be particularly beneficial in the complex and specialised areas of investments and audit. During 2024 a trustee induction day was held which was well received by both new trustees and those who had been Iruslees for some time. Committees The Representative Body has six committees Investment, Property, Human Resources, Audll and Risk, Finance and the Cathedrals and Churches Commission each with specific terms of reference and functions delegated by the Representative Body and reviewed every three years. Each committee is made up of RB trustees as well as extemal members with the relovant specialist skill set Investment Committee The Investment Committee determines the investment strategy for approval by the Representative Body {within the overall policy objectives of the Representative Body and wilh advice from their appointed advisers) and recommends for the Representative Body's approval all strategic decisions necessary to anage the investments of the Representative Body within this strategy. 17

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Structure, Governance and Management continued Property Committee The Property Committee has responsibility for policy relating to the Representative Body's non-inveslment property including churches, parsonages, burial grounds, glebe land, and bishops, residences and the management of those properties. Ils duties are wide ranging and include authorising Ihe sale and purchase of properties; developing strategies for dealing with redundant churGh buildings 8nd Ghurchyards,. administering trusts,1ogacies and bequests,. and administering grants for the repair and improvement of properties. Human Resources Committee The Human Resources Committee is responsible for developing policies and procedures for clergy, staff and volunteers in line with good pr8Qtioe and the specific legislation that applles to each group. This includes advising Ihe Representative Body on the level of clergy stipends and staff salaries and the lerms and funding of the pension schemes for clergy and slaff resp8Ctively. Audit and Risk Committee The Audil and Risk Committee works with the Representative Body's external auditors to ensure proper financial reporting practice and compliance wth charlty accounllng requlrements. It is also responsible for monitoring the effectiveness of the internal audit function. 11 also has an important role in overseeing the risk management process and to consider the potential financial exposure on safeguarding matters. Finance Committee The Finance Committee was established in 2021 and is the principal place of detailed engagement and interface between the Represenlative Body and ils staff on matters of financial strategy development; financial planning and budgeting., scrutiny of un-budgeled expenditure proposals., financial arrangements with the diocesan boards offinan￿. and matters relating to the staff and clergy pension schemes. Cathedrals and Churches Commission The role of the Cathedrals and Churches Commisslon Is to provide expert advice to diocesan courts and advisory groups on applications for major works to cathedral and church buildings as part of the in-house procedure (or faculty procedure) established by the ChurGh in Wales as a condition of the ecclesiastical exemplion from local planning controls. Conflicts of Interest Representative Body members are likely lo seNe the Church in Wales in other ways and some, in p8rticular clergy members, receive remuneralion in these other roles. The Representative Body operates a conflicts of interest policy to ensure that members, other interests- either personal or on behalf of other organisations within the Church - do not exercise an inappropriate influence on the Representative Body's own decision making. A register of members, interests is maintained and updated regularly, and members are given the opportunity at the beginning of each meeting to declare any potential conflicts with items under consideration. Fundraising The Representative Body does not actively fundraise, bul donations are gratefully received. No complaints have been received in respect of fundraising. 18

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Structure, Governance and Management continued Organisational structure and decision making The organisational structure of Ihe charity comprises the following: Executive Leadership Team Chief Executlve Chief Operating Officer Director of Mission and Strategy General Counsel and Head of Legal Services Principal of St Padarn's Institute Senior Leadership Team Chief Executive Chief Operating Officer Dlrector of Finance Director of Property Services Director of IT Governanc8 Manager HR Manager other departments Safeguardlng Data protection The trustees delegate day to day management and decision making to the Chief Executlve who is supported by the Execultve Leadership Team. Arrangements for setting the pay and remuneration of the charity's key management personnel The salary structure of the charity is one that is based on a spinal system that has been in use since 2008. Each band contains six spinal points and employees annually progress through a pay band until they reach the top of the scale. At that point, pay is only increased in line with the Cost-of-living increase proposed on an annual basis by the Human Resources Commiltee and agreed eilher as presented or in amended form by the Representative Body. On appointment of 3 new role, the role is benGhmarked against market data and an employee is subsequently recruited al a grade and band in line with the market findings. The Chief Executive's remuneration is reviewed and considered by a Remuneralion Group which is convened by the Chair ofthe Representative Body. The remuneration is benchmarked using market data. The pay structure is under active review and will be subject lo an external benchmarking process facililated by a specialist agency reporting inlo a nominated trustee. 19

Annual Report and Accounts 2024 | The Represenlalive Body of the Church in Wales Reference and Administrative Details Charity name The Representalive Body of the Church in Wales Known as The Representative Body or the RB Charity registration number 1142813 Principal office 2 Callaghan Square, Cardiff, CF10 5BT Website www.churchinwales.org.uk Representatlve Body Membershlp Chalr Professor M Hughes Deputy Chair Tho Very Reverend N H Williams Ex Officio Membership Archbishop of Wales The Most Reverend A T G John, Archbishop ofwales Chair of Standing Committee Mr T Llewelyn Chair of St Asaph Diocesan Board of Finance Mrs S Allin Chair of Bangor Diocesan Board of FSnance The Venerable J C HaNey resigned lyl January 2025 Dr H J Parry-smith appointed 1$1 January 2025 Chalr of St Davlds Diocesan Board of Finance Mrs H Evans Chair of Llandaff Diocesan Board of Finance Mr M A Lawley Chair of Monmouth Diocesan Board of Finance Mr P E Lea resigned 1711 September 2024 Mr I S Loynd appointed 17Vi Seplember 2024 Chair of Swansea and Brecon Diocesan Board of Finance Mr J Brown resigned 41h May 2025 {since vacanll 20

Annual Report and A¢counls 20241 The Fiepresentative Body of the Church in Wales Reference and Administrative Details continued Elècted Membership St Asaph The Very Reverend N H Williams, Dean of St Asaph Mr P R Williams Bangor The Reverend M J Beecroft Dr H J Parry-smilh became ex offiGiO from 1st January 2025 {since vacant) Sl Davids The Venerable P Mackness, Archdeacon of St Davids Mrs J A P Hayward Llandaff The Venerable R E A Green, Archdeacon of Llandaff Dr H Payne Monmouth The Venerable l K Re8s, Archdeacon of Monmouth Miss N C Gibbons Swansea and Brecon The Reverend DrA Morgan Nomlnated Membershlp Professor M Hughes Mr C Clarke Mr P D Kennedy Mr T O S Lloyd OBE, DL, FSA Cowopted Membership Mrs J Heard Mr R Anning Key Management Personnel Chief Executive Chief Operating Officer General Counsel and Head of Legal Services Director of Mission and Strategy Principal of St Padarn's Institute Canon S J Lloyd Mr L Hughes Mr M Chinery Dr G Davies The Reverend Canon Professor J Duff 21

Annual Report and Accounts 2024 | The Represenlalive Body of the Churcli in Wales Reference and Administrative Details continued Advlsors Auditors Haysmac LLP 10 Queen Street Place London EC4R 1AG Bankers Lloyds Bank PIC 4th Floor, St William House Tresillian Terrace Cardiff CF10 5BH Investment Property Advisors Clultons LLP Yarnwicke 119-121 Cannon Street London EC4N SAT Investment Advisors Newton Investment Management BNY Mellon Financial Centre 160 Queen Victoria Street London EC4V 4LA Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Actuaries Quantum Advisory Cypress House Pascal Close St Mellons Cardiff CF3 QLW Atkin & Co. Nelson House Central Boulevard Blythe Valley Park Solihull B90 8BG 22

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Statement of Trustees Responsibilities The Iruslees are responsible for preparing the Trustees, Report and the financlal slatements in accordance with applicable law and United Kingdom Accounting Slandards. The law applicable to charities in England and Wales requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the trustees are required to: Select suitable accounting policies 8nd then apply them consistently. ObseNe the methods and principles in the Charities SORP. Make judgements and estimates that are reasonable and prudent. Slate whether applicable accounting standards have been followed, sublect lo any material departures disclosed and explained in the financial statements, Prepare the financial statements on the going concern basis unless it is inappropriate to pr8sume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any titne the financial pasition of the charily and enable them to ensure that the financial slalements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the mainten8nce and integrity of the charity and finanoial information included on the charily's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. By order of the Representative Body Professor MedwSn Hughes - Chair The Very Reverend Nigel Williams- Deputy Chair 24th June 2025 23

Annual Report and Accounts 20241 The Representative Body of the Church in Wales Independent Auditors, Report Independent Auditors, Report to the Trustees of the Representative Body of the Church in Wales Opinioii We have audited the financial statements of the Representative Body of the Church in Wales for the year ended 31 sl December 2024 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes lo the financial statements, Includlng a summary of significant accounting policies. The financial reporting frarnework that has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards, including Financial Reporting Standard 102 Th8 Financial Reporting Standard applicable in the UK and Republic of Ir61and {Uniled Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. glve a true and fair view of the stale of the charity's affairs as at 31sl December 2024 and of the charity's net movement in funds for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We have been appointed as auditor under section 144 of the Charities Acl 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. We Gonducted our audit in accordance with International Standards on Auditing {UKI IISAS IUKII and applicable law. Our responslbllitles under those standards are further described in the Auditor's responsibillties for the audit of the finanoial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihat the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slatemenls, we have concluded that the trustees, use of the going concern basis of accountlng In the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability lo conlinue as a going concem for a period of at least twelve months frorn when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wth respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other infomation. The other informallon comprises the information included in the Trustees, Annual Report and the Chair's Introduclion. Our opinion on the financial 24

Annual Report and Accounts 20241 The Represenlalive Body of the Church in Wales Independent Auditors, Report continued statements does not cover the other information and, except to the extent othemlse expllcitly stated in our report, we do not express any form of assurance Conclusion thereon. In connectlon with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wilh the financial statements or our knowledge oblained in the audit or otherwise appears to be materially misstated. If we identify such material Inconsistencies or apparent material misstatements, we are required to determine whether there is a material misslalemenl in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we canclude that there is a material mlsstalement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters in re18tlon to which the Charities {Accounls and Reports) Regulations 2008 require us to report to you if, in our opinion.. adequate accounting records have not been k@pt by the charity., or sufficient accounting records have not been kept; or the charity financial statements are not in agreement with the accounling records and returns. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees for the financial statements As explained more fully in the trustees, responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable Ihe preparation of financial statements that are free from material misstatem8nt, whether due to fraud or error. ln preparing the financial statements, the Irustees are responsible for ass8ssing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charily or to cease operations, or have no realistic alternative but lo do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due to fraud or error, and to issue an aLJditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UKI will always delecl a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregale. they could reasonably be expected lo Influen￿ the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud, are instances of non-compliance wlth laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misslalemenls in respeGI of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. 25

Annual Report 8nd Accounts 2024 | The Representative Body of the Chui-ch in Wales Independent Auditors, Report continued Based on our understandSng of the charlly and the environment Sn whlch il operates, we Identlfled that the principal rlsks of non-complSanGe with laws and regulations related to charity law appllcable in England and Wales, and wo considered the extent to which non-compli8nc8 might have a material effgct on th8 financial statements. We also consid8red those laws and regulations that have a direct impact on th8 preparation of the finanGial statements such as the Charlties Act 2011. We evaluated management's incentives and opporlunlties for fraudulent manipulation of the financlal statements (5naluding the risk of override of controls), and determined that the principal risks were related to inapproprlale journal entrles and key accountlng estlmates. Audll procedures performed by the engagem8nt team Included.. Inspectlng correspondence wllh regulators., Discussions with management including conslderatlon of known or suspected instances of non- compliance with laws and regulation and fraud., Evaluating management's controls designed to prevent and detecl irregularities., Idenlifylng and testing journals, in particularjournal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and Challenging assumptions and judgements made by management in their accountlng esllmales. Because of the Inherent limitations of an audll, there Is a rlsk Ihal we will not detect all irregular1ties, including those leading to a material misstatement in the financial statements or non-compliance wlth regulalion. This rlsk increases Ihe more Ihal compliance wlth a law or regulation is removed from Ihe events and transactions reflected in the financial stalemenls, as we will be less likely lo become aware of instances of non-compliance. Thg risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealm8nt, forg8ry, collusion, omission or misrepresenlatlon. A further description of our responsibilities for the audit of the finan¢lal statements is located on the Financlal Reporting Council's webslte at: vMiw.frc.org.uklaLidilorsresponsibililies. This description forms part of our audltor's report. Use of our report Thls report is made solely to the charity's truslees, as a body, in accordance with seolion 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so thal we might slate lo th8 Charity's trustees those matters w8 are required lo slate to them In an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charlty's trustees as a body for our audit work, for this repart, or for the opinions we have formed. l/Q Haysmac LLP Statutory Audltor 10 Queen Street Place London EC4R 1AG Haysmac LLP is eligible lo act as 8n auditor In terms of Section 1212 of the Companies Act 2006 Date: 8 August 2025 26

Annual Report and Accounts 2024 | The Represenlalive Body of the Church Wales Statement of Financial Activities lor the year ending 31* Dec8mb8r 2024 2024 2024 2023 Fundè;p-;, £000 £ooo- Income from.. Donatlons and legacAes Charitable activities Income 327 571 257 828 1,251 Investment Income 20.753 414 21,167 22,643 Total Income 21.324 672 21,996 24,221 Expandltura on: Ralslng lunds Charitable aotivilies Total expenditure before cleryy penslon provision movement 3,279 3,279 3.397 20,920 4,440 25.360 22.121 24,199 4,440 28,639 25,51B Clergy pension provision movement Total expenditure after clergy pension prov151on movement 14,9841 14.9841 12,390 19,215 4,440 23.655 37,908 Net inGomg I lexpendilurel befor Investment gains 2,109 13.7681 11,6591 113,6871 Net gains on inveslrnents Net incomel18xpendlturel 64,657 844 65,501 47,321 66,766 12,9241 63,842 33,634 Transfers between funds 18 {29,1671 29,fj67 Olhèr recognlsed galns I Ilossesl: Gains I (Ioss881 on revaluAlion ol fixod assets lor the eharfly's own us8 Actuarial galn on d8fined benefil penslori schomes N8t movemont In funds 130 17,529) 7.3991 3,736 21 2,695 2,695 390 32,765 26,243 130 59,138 37.760 R8conclllatlon of funds Total funds brought lOn￿ard Total funds carried forward 19 498,644 364,335 5.070 868.049 830,289 19 531,409 390,57B 5,200 927,187 868,049 The slalement of finanelal aotivilies Sncludes 911 galns and losses recognlsed In the yehr. All Èncome and expenditure derSve from contlnuing aclivltles. 27

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Balance Sheet as at 3191December 2024 -2024 2023 Flxed a5S&ts Tangitle assets Inveslments 120 100 12 799,285 738.738 Non-inve8tmenl properties 13 241,585 246.531 Total flxed assets 1,040,990 985,369 Current assets Deblors 14 16,740 16,373 Cash at bank and Sn hand 8,584 17,894 Total current assets 25,324 34,267 Creditors.. amounis falling du8 wilhin one year 15 16,S081 15,1141 Net currant assets 18.816 29,153 Creditors- amounts falllng due after one year Provlslon for Ilabilities 22 1137,1001 1147,5001 Net assets excludlng daflned benefit surplus 922,706 867,022 Defined benefit staff pension sch8me 21 4,481 1,027 Total net assets 927,187 868,049 Funds of the charity Endowment funds 17 5,200 5,070 Unreslricfed funds Designated funds 390,578 364,335 General unrestricted funds 19 526,928 497,617 Pension reserve 19 4.481 1,027 921,987 862.979 927,187 868,049 Tho e lina cial statements ere approved by the trustee5 on 24111 June 2025. Professor Modwln Hughe Chaii. The Very Reverend Nlgel Willlams D6puly Chair 28

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Cash Flow Statement for the year endlng 31￿ Decernber 2024 2024 £000 2023 £000 Note Cash generated from opÈrations Surplus AdJiistln6nts for.. Investment Inctsme recognlsed in the statement of financial act1￿1488 (Gains) on investments (Galnsl I losses on fixed assets Depreclallon ol tangible fixed assets Movetnenls iii worki17g capilal.. Incrèas6 in debtors 59,138 37,760 {21,1671 131,170 2.692 122,6431 14,7291 11.2441 12 12 19 14 12421 1.282 112 {9601 373 Increase in ereditors Increase I Idecreasel In defgrr8d incorng Movetment In cleroy penslon provision Movement on staff defined penslon asset Nel cash provided by operating #ctÉvities {2301 7,100 11,1541 14,285 22 110.4001 (3,4541 13,190 21 Statement of Cash flows Casli llows Ii'oin tspeialing a¢livilies Cash generated from oper8Uons 13,1901 14,285 Cashflows from Investing activities Investment income received 21,167 14,475) 6.729 22.643 Purchas9 of non4nveslrn8nt propèrty Proceeds from the $8le of non-investment property Procèeds from the sa16 of Investment property Proceeds from the sale ol property unit trusts Purchase ol stock exchange Investmenls Proceeds from th8 disposal ol stock exchange inveslmenis Purchase ol fixed assets 17,9291 245 4,741 23 12 1246.6291 217,250 1201,7111 177,977 1391 15,9971 Net cash used In Invastlng a¢tlvltlos 14,0111 Cashflows from financing activities Loan advan¢8S 1268) 145 11e7} 201 Loan repayments Net cash used in financing activltles 11231 34 Net {deC￿aSE) I Increase In cash and cash equlvalenis Cash and cash equlvalenls al beglnnlng ol year Cash and cash equivalents at end of the year 19,3101 17,894 8.584 10,308 7,586 17,894 Analysis of changes in net funds The tharily had no debt during the currenl or previous y88r. 29

Annual Report and Accounls 20241 The Representative Body of the Church in Wales Notes to the Accounts Note 1"AccouDtlng Pollcle$ Cliarity irifoi'rnatio¥i Th8 R8presentaliv8 Body of th8 Church in Walas Is incorporated under Royal Charter and ils principal office is 2 Callaghan Square, Cardiff, CF10 5BT. Accounting ¢onvention The financial statements have been prepared in accordance with the chariws govemlng document, the Charities Act 2011 and 'Accountlng and Reportlng by Charitle5.' Statement ol Recommended Pracllce applicable to charities preparing Iholr accounts in accordan¢e with the Financial Reporting Standard 8pplicable in the UK and Republic of Ireland IFRS 1021 leffeGtive 1¥1 January 20191" The eharity Is a Publlc Benefll Entity as deflned by FRS 102. Tho fiF)an¢lal statements have departed from the Ch8rftles {Accounts and Reports) Regulatlons 2008 only lo lh8 extent required to provide a Irue and lair view. Thls departure has Involved lollowlng the Statement ol Recommended Practlce for charities applying FRS 102 rather than Ihe varsion of th8 Statement of Recommended Pr8cllce whith is referred lo in the Regulations but which has since been wlthdrawN, The financlal slalements are prepared in sterling, which is th& functional currency of the eharlty.14Aonetary amounts in thes8 Ilnanual statements are rounded lo the nearest £. The finan¢ial statements h8v8 be8n prèp8red under the historic81 cost convention. modified lo ￿rtain financAal inslrurnents al fair valuè. The princlpal ac¢ountlng pollcles adoptèd aro sèt out below. Going concern Al the time of apPro￿ng the financial Statements. the trustees have a reasonable expectation that the tharily has adequate resour￿$ to eontlnue In operatlonal existence for the foreseeable future and there are no matgrial uncert8lntlès. Thus the trustees continue to adopt Ihe going concern basis of accounting in preparing the financial ststemenls. Cliaritable funds Unrestricted funds are available lor use al the discr81ion of th8 trustees in furtherance of their eharitable objectives. Designated funds comprise funds which have been set aslde at the discretlon ol the trustees lor specific purp0888. Th8 purposes and uses of the deslgnated funds are set out in the notes lo the financial statement8. Endowment funds are subject lo specific conditions by donors that the capll81 must be malnlalned by the charSty. Inconiing resour¢es Income Is recognlsed when kne charity is legally entitled to il after any performance eondltlons have been mel, the amounts call be measured reliably, and il Is probable that Income wlll be received. Cash donations are recognlsed on r8c8ipI. Other donallons are reeognlsed once the charlty has bgen notlfied ol the donatlon, un18SS P8rformance conditions require deferral of the amount. Legacies are recognised on re￿Ipl or olherwlse il the charfly has been notlfied ol an impending Ilistribution, the amount Is known. and receipt is expected. If the amount is not known, the legacy Is t￿sted es 8 contlngent assel. Income from property and ¢ourse in¢ame is r8cognis8d in the period to which the income relates. Any rent and cours8 incom8 r8c8ived In 8dvance Is deferred and subsequently released in Ihg period lo which il r8lAtes. Stock exchange Income is recognlsed on th9 dale the ch8Kily's right lo recelve payment IS 6s1ablSshed. Intergst on funds held on deposlt is induded when recelvable and the amount can be m888uFed rellably by the charlty,. thls Is nomally upon nolificalion of th8 inler8St paid or payable by the bank. Incom6 from grants, whe(her'capilal' grants or'revenug. giants, Is re¢ognisèd when the charfly has entillemenl to the funds, any performance conditions attached to the grants have been met, It is probable that the income will be received and the 8mounl can be measured reliably and is not d8f8rr8d. Resources expended Expendilure is recognised onc8 ther8 15 818gal or constructive obligatlon to Iransfar economic benefil lo a Ihird party, il Is probable thal a Iransler of eGonomlG benefits will be requir8d in selll8ment, 8nd the arnount ol the obligation can be measured reliably. Expenditure is classif18d by 8clivily. The costs of each activity are made up of the total of direct cosls and shared costs, Including support costs invdved in undertaking Èach activlly. Direct costs attdbutable to a single a¢livily are allocated directly to that activity. Shared costs which conlribule to more than one acllvbty and support costs whlch ar6 not attributable lo a single aclivily are apportioned b8tween those aclivilias on a basls conslslent wlth the use of resourc8s. Central st8ff c05t5 ar& allocated on the basis ol time spent, and depreuation ¢harges ar8 allocated on the portlon of the asset's use. Costs ol ralslng funds comprise the costs In relation to generating income such as fundralslng actI￿lieS. Expenditure on charitable acllvllles includes all cosls rel8tlng lo the fvrth8ranc8 ol the charlty's obleotlves as stated In the Irustees report. 30

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Resources expend8d conlinued... Support costs ara those funclions that assist the work of the charity bul do not directly undertake charitable actiMIi8s. Gov8rnanc8 costs comprfsè 811 oosts Involvlng publlc accountablllty of the chBdly and Its oompllance wlth regulatlon and goLxf practice. Foreign currency Transactions in curiencies olh8r than pounds slerfing ar8 record8d at the rates of 8xchange prevalllng al the dales of the transactions. At 8ach repor￿ng end date. monetary assets and Ilabilities that are denomlnated in foreiun currencies are retranslated at the rates prevalllng on the reporting end date. Gains and losses arising on translation in the period are included In profit or loss. Tangible fixed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, net of d&pred8tlon and any Impairment losses. Depreciation is ￿cOgniSed so as to wrile off the cost or valuation of assets less their residual values over their u$eful Ilves on the following bases.. L88sehold ImpTOV8m8nls- over th8 IEfe of th818858 Motor vehides 20% slralght line All other fixed assels are not capilalisgd due lo their imrnalerial natur8. The galn or loss adslng on th& dlsposal ol an asset is determined as the differen￿ between the $818 Proceeds 8nd tho earrylno value of the asset, and Ss recognised in the slatement ol financ¢al aclivilies. Impairment of fixed assets Al each repc>rting end date, the charity revlews the carrylng arnounts of its langllle assets lo delermlne whether th8re15 any Indlcation that those assels have suffered an impairment loss. 11 any such Indleauon exlsls, the recoverable amount of the asset Is estimated In order lo delermlne the extent of Ihg Impa1rmenl loss lif any). Heritage assets A number of former church slles or rulns are owned. They are nol $8188blo ass¢ts and are relalned accordlngly. No value has been included lor Ihern in the accounts. Fixed asset investments Stock exchangg inveslments ar8 inlually measured at transacllon prl¢e exelLJdlng transaellon costs, and are subsequently m8asur8d al fair vglu8 818ach r8POrtlng dale. Changes in lalr value are recognlsed in nel incomellexpendilurel lor the year. Transaclian costs 8r& expensed as incurred. Invgslment properties are Inlllally measured al eosl and subsequenlly revalued lair value at each reporting dale with any changes In falr value belng recognlsed in the Statement of Financial Activities. Property unit trusts are inilially measured and cost and subs8qunelSy rev8lLJed at eath year end based on nel asset value per unit. Non-investment properties The charity ha5 included non-lnvestment properties in ihe Balance Sheet al a valuation using the melhodology sel out bolow.. The charity d￿$ not value th8 calhedr8ls and churches it owns, 85 Cost information is not available and any conventional Valuation techniques lack 5ufflclenl ieliability due lo the unique and historically significant nature ol the buildings. The charity's property databas8 confirms that th8ir 8ss8ts Include 6 cathedrals, 1.228 churches and 1.220 churchyards at th8 year end. These bulldlngs are carefully managed and maintain8d to pr8s8rv8 th8m for Ihe future. Works are Gontrolled through the ¢hurch's faculty syst8rn which ensures that all malntenance and rep81r works are properly considered. Many of these assets ar9 also open for pubSle view outside of worship Ilmes. Such assets are not m3rkeled but are occasionally sold. The followlng asset dasses ware valued by Savills IUKI Llrnit8d 88 al th& ￿ar end and the basls of tha valuatlon Is set out below.. P8rson8ges, blshops, houses and sundry provinaal propgrty have been valued by the desktop valuatlon ol a representative 21 % sample of Ihgse propertlgs and th989 results hav8 b88n 8xtr8polat8d to reflect th6 total valuatlon of the portfollo. Therg ar9 also a number sundry property bulldings and plots whSch are not stralghtlonmard Éo value. Church Halls are valued based on th8 d8sktop valuatlon of 8 r8pr8S8nlallvè 20Qk samplè of these propèrtles whkh has then been 8xtrapola18d lo reflect the total valuation ol the portfolio. Thg St Michael's Collegè sltè Is valued at open market value lexlsling usel based on a professional valuation. Gl8ba has be8n valu8d basad on th8 d8sklop valuallon ol a represèntative 19°h sample ol the portlollo which has then been 8Xtr3polaled lo r8fl8Ct th8 total value ol tha portlollo. Th8 valuations wÈr6 carrled out by Cooke & Arkwright Limited and Jones Pe¢kover Limit&d Casli and cash equlvÈlÈiils ash 8nd cash equlvalenls include cash In hand, deposlts held al call with banks, other shorl-18rm liquid investrnènts wlth inal malurilies ol Ihree monlhs or less. 31

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Loar)s The charlty has the followlng loans contained In the ffinancial stattsmènls.. Clergy housing loans (interest bearSngl inlerest is oharged at one half of the Bank ol England base rale. The rale is r8iq8W8d in April each year when current rates and thelr Impact on borrowers are considered. Clergy houslng bans (equity linkedl- no interest is charged. Houslng and cathedral loans- interest is charged at 3Y.. Curate house loans- no interest is charged. Ministry area loans- in18resl is charged al 2Yo below Bank of England bage rate, subleot lo a minimum rate of 2%. Financial instruments The charity has ele¢led lo apply the pro￿s￿Ong ol Section 11 '8aslc Flnanclal Instrumen¢s' and Secllon 12 '01her Financial InstnJm8nls Issues, of FRS 102 to a11 of lis flnanclal Instruments. Flnan¢lal Instruments are recognised in the charily's balance shoel whèn thè charfly b8com6s party lo the contractual provisions ol the inslrumenl. Financi81 assets and liabiliti8s are offset, with the net amounts presented in the financial statements, when there Is a legally enfOr￿ablts right to set off the recognised amounts and there is an intention to settle on a net basls or to reallse the asset and settle the liability simultaneously. Baslc flnanclal assels Basie flnancial assets, which include debtors and cash and bank balancos, aro Inillally me8SUTed al transaellon prfce Includlng transacllon costs and are subsequently carrfed al amortlS8d cosl uslng th8 8ffective interest mèthod unless Ihe arrangement constitutes a flnancing transaction, whore the Iransactton Is mèasurad at Ihtr present value of the lulure r￿ipts discounted at a market rate of int8r8St. Financial assets classllled as receivablè wlthln one year are not amortised. Derecognition of financial assets Flnancial assets are derecognised only wh8n the coDlraclu31 rights lo th6 cash flows from the asset expire or are settled, or when th8 charity Iransfeis the financial asset and substantially all the risks and rewards ol ownership to another entlty, or if some slgnificant rlsks and rewards ol ownership are retained bul control of the asso1 has transferred to anothèr paty that Is ab16 to sell the asset In ils entirety to an unrelated third party. BaslG flnanclol Ilabllltles Basic financial liabilities, including creditors and bank loans are inltially rectsjnlsed at transacllon prfce unless the arrangement conslllules a flnancSng Iransaclion, whgm the debt inslrumenl Is measured at the present value ol the future payments discounted at a market raté of int8r8St. Flnanclal Ilabllllles classified as payable within one year are not amortised. Trade credltors are obllgations to pay for goods or serv1￿8 that have been acqulred In tha ordlnary course of operations from suppliers. Amounts payable are classified as current liabililies if payment 18 du8 wlhin one y8ar or less. If not. they are presented as non-currenl liabilities. Trade oredltors are recognised Inltlally al transaction price and subsgqU9nlly m8asur8d al amortlsad cost uslng the effecilve Interest method. Derecognition of financial liabilities Financial liabilitle5 are derecognised when the ¢harily'$ contractual obligations 8xpire or are discharged or cancelled. Taxation As a r&gistered charity, the charily is entitled lo the exemption from taxation in respect ol incom8 and capital gains r8C8ivad with secllons 478489 ol the Corporation Tax A¢1 2010 and section 256 01 th8 Taxation of Chargeable Gains Act 1992 to the extent thBt these are applied lo ils charitable objects purposes only. Employee bènefits The costs of short4erm employee benefits ar8 r8cognised 8S 8 li8bility and an expense. unless those costs are required to be recognised as part of Ih8 Cost of stock or fixed assets. The cost of any unLJsed holiday entitlement is recognised in the period in which th8 employ88'S Servic88 are r8C81ved. Termination benefits are re¢ognis8d irrrnediately as an 8xpense when the charity is demonstrably commilled lo terminate the employment ol an employ88 or lo provide termin8tlon benefits. Retirement benefits Deflned Gontrlbutlon scheme Payments lo defined contribution rèllremenl benefil schemes are charggd as an expensg as they fall du8. Defln8d b8n•flt 5chem8 The cost ol providbng benefits under deflned benefit plans Is delermlned separately for each p18n using the pro1￿1￿d unlt cr8dlt method, and Is basèd on acluarlal advlce. Th8 chang6 In the nel deflned benefit liability arislng Irom ernployee S8￿c8 during thè y88r Is reoognlsecl as an employee cost. The cost of plan Inlroduclions, b8nefil changes, setllèmenls and curtallmenls are recognised as incurred. The nel Interest element Is determined by multlplylng the nel defined benefit liabillly by th£ discount rate, taklng Into accounl any changes In tho nel defined bengfil liability during th8 p8riod as a r8suIt of contribution and benefit payments. The net Interest is rewgnised in incom8118xpenditurel for the year. 32

Annual Report and Accounts 2024 | The Representative Body ofthe ChurLh in Wales Deflned b•n•flt schome contlnu8d Remeasuremenl changes comprise actuarial gains and losses, the effect of the asset ceiling and the raturn on tho nel defingd benefit liabllity excluding amounts included in nel interest. These are recogni88d immediately in other recognised galns a￿d losses in the p9riod in whl¢h they occur and ar9 nol reclassified lo incomellexp8ndilurel in 8ubsequenl P9Tiods. The net defined benefit pension asset or liability in the balance sheet comprises the lolal for each plan of th8 present valu& of th9 defined benefll obligalion lusing a dlscount rale based on high quality corporate bonds), less the fair valuo of plan assèts out of which th8 obligations are lo b8 settled dir8CtIy. Fair value is based on market price Infomiation, and in the Case of quoted s8wrilies Is the published bid pric8. The value of 8 n8t pension ben8fil as88t is lirniled to the amount that rllay be r8cov8r8d 8ith8r through reduc8d contributions or agreed refunds from the Scheme. Pensions of Clergy and SufrvlvAng Spouses and Civil Partners The Represenlalive Body operates a pension scheme providing defined ben8fils based on year8 01 seNce. The assets of the schome are held withln the stock exchange Investment portfollo of the charity. The scheme Is an unfunded scheme and is a¢￿Unted for as a provision at the year end in lin8 with the y8ar end 8clu8rial valuation. Leases Rentals payable under operating leases are charged to expenditure on a straight line basss oveT the of the r8Lgvanl lease. Critical accouiiting estimates and judgements In the applicelion of the charity's accounting policies, the Iruslees are required lo make judgements, 8sMmates and assumpt1￿¥ about the carrying amount of assets and liabilities that 8rg not readily apparent from other sourc88. Th8 e8timat88 and assodated assumplions are based on historical experience and oth8r factors th81 are considered to be r818vant. Actual results may differ from these estimates. The estimates and underlylng assumpuons are revS8wed on an ongoing bas18. Revlsions lo accounting esUrnat8s are recognised in Ihg period in which the gstiwat9 18 revi88d wh8r8 the revision affècts only that period, or in the p8riod ol th8 r8vision and future periods where the revision affects both current and future periods. Key sources of estimation uncertalnty Retlreinent benefit s¢heme As set out in notes. the charfty operates a defined benefit penslon scheme for all qualifying employees. The a¢aounting cost ol these benefits and the present value ol the pension liabilities involved judgements about uncertain 8v8nls including such factors as the life expectancy ol members, the salary progrgssion of current employees, price inflatSon and the dlscount ra19 used lo calculate th9 net present value of Ihg future pension paymènts. Estlmates arè used for all of thttse factors Sn delerrnilling the P8llsian costs and liabilili85 incorporated In the finanGial slalemenls. The assumptlons reflect historical experience and judgement regarding future expeclalions and external actuarial speaalisls are also used to assist Ihe exera88. Clergy peiislon provisioi) As sel out in the note the RepresentatlvE Body operates a pension scheme for its clergy providing defined benefits based on years ol service. Th8 accounting cosl of th8se benefits and the present value ol the pension liabilities involved judgernents about uncertain events induding 5LJch factor5 a price inll81ion the life expectancy of members, the salary progression of current 8mployees, and the dlscount rate used to calculate the net present value of the future pension paym8nts. Eslirna18s 8r8 U88d for all of these factors in determining the pension costs liabilities incorporat8d in th6 financial stalaments. The assumpb.ons reflect historical exper¢ence and judgement r8garding futUf8 8XP8clations and exlern818Ctuarial speclalists are also used to assisl the ex8rcise. Valuation of noii investment properties The charity holds non-investtnenl prop8rties which are used for charitable purposes. These properties are not revalued annvally on an individual basis due to the Sca￿ and geographical dispersion of the portfolio. Instead, a represenlalive sample Comprising approximately 20°A of the properties is revalued each ygar by qualified 8Xt8rllal v8lu8r8. The r8sulls of this sample are Ih8n 8Xtrapolated lo estimate the value of the remaining properties in the portfolio. This approach Introduces estlmatlon uncertainly, p2rticularfy in relation to changes in local property markets, ¢onditlon of IndlvSdual ass8ls. and Ihe appropriateness of the sample selected. Managemenl reviows the valuation rnethodology and sample selection annually to ensure that the exlrapolaled r8sulls prowde 8 reasonable approxlrnation of falr value across the enllre portlollo. 33

Annual Report and Accounts 2024 | The Represenlalive Body of the Church in Wales Note.2 Donatltins.ali.d-' 2024 Designated Funds £000 2023 Designated Funds £000 Unrestricted Funds £000 Total Funds £000 Unrestricted Funds £000 Total Funds £000 Don8tions Legacles 326 326 Total 327 327 2024 Designated Funds £000 2023 Designated Funds £000 Unrestricted Funds £000 Total Funds £000 Unrestricted Funds £000 Total Funds £000 Course income 265 265 236 236 Grants 137 137 159 159 Property income Sundry 257 257 834 834 169 169 22 22 Total 571 257 828 417 834 1,251 2024 Designated Funds £000 2023 Dèsignated Funds £000 Unrestricted Funds £000 Total Funds £000 Unrestricted Funds £000 Total Funds £000 Int8r8st 599 599 606 608 Property 3,625 3,625 4,018 4,018 Stock exchange 16,529 414 16,943 17,626 391 18,017 Total 20.753 414 21,167 22,252 391 22,643 2024 Designated Funds £000 2023 Designated Funds £000 Expendlture.on Unreslricted Funds £000 Total Funds £000 Unrestricted Funds £000 Total Funds £000 Investment mariagement.. proparty 430 430 621 621 stock exchange 2,422 2,422 2,266 2,266 Properly repairs and maint8nonc& 275 275 171 171 Support costs 152 152 339 339 Total 3,279 3,279 3,397 3,397 34

Annual Report and Accounts 20241 The Represenlalive Body of the Church in Wales 2024 Designated Funds £000 2a23 Designated Funds £000 Unrestricted Funds £000 Total Funds £000 Unrestricted Funds £000 Total Funds £000 Charlta_ble AGtivltlés SLlPPOrt foy mii)istry Blshops Communiealions Claryy p&nsion conlributions Clergyprciperty Brecon Deanery costs Dkjcesan Inspector costs Episcopal residencies Sundry property costs Mlnistry Irailling- St Padam's Instltute Mlsslon and mlnlslry Saleguardlng Sundry clergy benefits Support ￿$1$ Total 1,204 213 2,968 1,204 213 1,120 155 1,120 155 2,815 2,968 2.815 1,000 1,000 469 493 493 469 33 33 105 105 53 53 3,322 3,322 2.731 2,731 514 514 316 379 316 393 393 379 1.468 11,610 1,468 11,610 800 800 8,946 8,951 Support for dioceses and parishes Church Growth Fund 1,017 715 1,017 715 1,165 332 1.165 332 Emergency Aid Fund Evangelism Fund Partnership Fullding R9palrs and exlgnslons to church85 Structural ResllSence Fund Support costs Total 1.161 1.161 2.335 1,542 1,542 2.673 2,335 2,673 280 280 185 185 3,700 1,861 7.896 3,700 1,929 11,137 3.594 1.478 7,74S 101 3,695 1,478 11,070 68 3,241 3,325 Other church propeity Redund8nl churches Church sa16s regulallons Climate change fund Other prop8rty costs Support cosis Total 663 345 663 345 71 71 118 118 55 71 126 26 26 30 47 47 831 831 958 958 916 1,079 1,995 1,005 215 1,220 Other financlal support Cathedrals funding Grants lo Ang1i¢an and ecumenical bodies Other support Provincial court and tribunals Support costs Total 110 114 321 84 405 178 178 173 173 83 10 93 75 68 143 11 222 222 155 155 498 120 618 728 152 880 Total charitablè activltlas expendlture 20,920 4,440 25,360 18,424 3,697 22.121 35

Annual Report and Accounts 2024 | The Representalive Body of Ihe Church in Wales 2024 2023 Support Support costs £000 Governance costs £000 Total costs Support costs Governan¢e Costs £000 Total costs £000 £000 £000 Audit lees 48 48 53 53 Oefin8d benefit pen51on scheme current Servi￿ costs 285 285 323 323 Depreciatlon IT costs, software and subscriplions Legal and professional Iges M8etin9 expenses Office and premises expenses Other staff costs 19 19 11 535 535 339 339 106 106 55 55 161 167 28 37 756 756 623 623 124 124 96 11 107 Staff eosls 2,315 169 2,484 1.862 229 2.091 Sundry 17 17 54 Travel and subsl8lenco 50 52 36 Trustees expenses Trustee training Total 4,213 389 4,602 3,408 322 3,730 Analys8d b81w88n.' R8islng funds 152 152 339 339 Support lor mbnistry 1.468 1,468 8(X) 800 Support for dioceses for parish88 1,669 260 1,929 1,263 215 1.478 Other chU￿h property 831 831 958 958 Other financial support 93 129 222 48 107 155 Total 4.213 389 4,602 3,408 322 3,730 Support costs have been allocated on the basis ol an estirnated percentage of staff tlme spent on each charitable aclivlly. Unrestricted 4,534 3,629 Designated 68 101 Total 4,602 3,730 Trtsstees""Ex"penses an'd.R'emuneratiotri': No Irust88 r8celved remuneration cluring the currenl or prior year in relation lo Iholr role as trustee. 1 trustee12023.. 11 recelved remunerallon from the charlty In C4)nne￿lon with their office. The Most Reverend A T G John who15 ex officio member ol the charity received b8nefits1lncludSng salary. empbyers pengon contributions and benefits In klndl lotaSlng £73.81112023'. £71,312). Trustee chris Clarke is a director ol Chris Clarke Surveyors Ltd ol which the company re(%ived £1.14012023.. £1.0201 In fe6s1n relation lo the valuation of 3 properties. 1512023.. 81 trustee5 were relmbursed for Iravel. subsis16nc8 and accornmodalion expenses Incurred tolaling £4,99312023.' £8631. 36

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Note 9 Employees Number of employees The average monthly number of employges durlng the yèar was.. 116 {2023.' 1251. Employmènt Costs 2024 £000 2023 £000 Wagès Ènd salarles 4,888 4,221 Sodal security costs Pension costs 528 467 341 235 FRS 102 defined benefit pension ¢osts 285 355 Total 6,042 5,278 Key management personnel During the year the key management personne1 of the charlty of which there were 512023.. 51 received lolal b8nefils Iln¢ludSng gross salary, benefits in kind, ernployer's National Insurance contrlbulions and employer's per)slon wntdbulionsl lolellng £670.071 12023.'£522,6331. Employees earnlng > £60,000 The number ol employees who rocolv8d benafils Igross salary and beneflls In killdl over £60,000 w8re'. 2024 2023 £60,000-£70,000 £70,001-£80.000 £80.001- £90,000 £go,001- £100,000 £120,001- £130,000 £150,001- £160,000 Note 10- Reallsed and Unrealised Gains Realised 2024 £000 2023 £000 34,045 19,692 Unrea115ed 24,058 31,365 Total 58,103 51.057 37

Annual Report and Accounts 20241 The Representative Body of the Church in Wales Note 11 TariQlbltrFlxe(l A'ssei$_- Cost Leasehold Improvements £000 Motor Vehicles £000 Total £000 At 11 January 2024 172 172 Addltlons 39 39 At 31al Dec8mbèr 2024 172 39 211 Depreciation At 1yI January 2024 72 72 Depreciation d)arged in the year At 31¥t December 2024 11 83 91 Carrylng amount Al 31¥l Dacember 2024 89 31 120 At 3151 Decernber 2023 100 100 Note 12 Fled Asset. Investments Investment Properties £000 Property Listèd Unit Trusts Investments £000 £000 Cash in Portfolio £000 Other Investments Total £000 £000 Al 1" January 2024 Additions 47.850 10,062 673,729 7.072 25 738,738 246,629 246,629 Disposals 1217,2521 1217.2521 31,639 Revaluatlon 1,700 563 29.376 Net movement In cash 14691 1469} At 31￿ December 2024 49,550 10,625 732,482 6,603 25 799,285 Historical cost 33,203 7,613 581,135 6.603 25 628,579 Investment properti85 Investment properties were valued by Colllers at 31* December 2024 in accordanc8 Wlth the RICS valuatlon- Professional standards 2014 and FRS 102. Noiè 13 Non lriiiestiriéiit Ptopertt6s Brought forward 2024 £000 2023 £000 246,531 237,603 Addilions 4,475 7,929 Disposals 16,7291 {2451 1,244 R6valuation 12,6921 Carried forward 241,585 246,531 The above consists of.. Parsonages, bishops, houses and sundry provincial property Church halls 200,908 207,549 14,870 13,852 Glebg 20,607 20,060 Operation81 properties Total 5,200 5,070 241,585 246,531 38

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Note 14 . Deb.tors and Loans. Accrued Incoma 2024 £000 2023 £000 2,040 2,158 Loans 8,053 7,929 Other debtors 6,6g8 5,219 Prepayments 949 1,067 Total 16,740 16.373 Loan balances due > l year 8,022 7,922 Notè-15 2024 £000 532 2023 £000 Accruals 267 Amounts owed to special trusts 1,828 1,445 Cr8diiors 2.051 1,742 Deferred illcome Ino18 161 Other creditors 540 428 750 Other taxation and swial se¢urily 807 1,136 Total 6,508 5,114 2024 2023 Course Income Course Income £000 Rents £000 Total £000 Rents £000 Total £000 £000 Balance brought forw8rd Income r￿1Ved 422 428 651 658 271 3,73fj 4,002 235 3.789 4.024 Income released 12651 12 13,6251 528 13,8901 540 12361 14,0181 422 14,2541 428 BÈl*nc8d carrl6d forward Deferred income relates to course Income and rental Income receSved in advance and whleh relates lo future flnan¢ial periods, Note17 1st January 2023 £000 31st December 2023 £000 31sl December 2024 £000 Gains £000 Gains £000 St Michael's College 4,840 230 5,070 130 5,200 Total 4,840 230 5.070 130 5,200 Sl Mlehael s col￿ge Is held for the operation of 8n educ8Uonal InS￿lutIOn. 39

Annual Report and Accounts 20241 The Representative Body of the Church in Wales Note 18 D¢slgnatb'd ilQnd$:= 1s1 January 31stDecember 2024 £000 Income Expenditure £000 £000 Transfers £000 Gains £000 2024 £000 Capltal Church repairs capital reserve 15.427 86 844 16,357 DI0￿San parson8g8 Improvement fund 411 Penslon 8qualisation reserve 115,201 1115,2011 Propety r8s8rv8 R8valuation reserve 43,906 143,9061 1162,9771 120 162,977 Tangible fixed assels 120 Non investment properties 236,385 236,385 Revenue Cathedrals funding quinquenni81 inspectlons 13 13 Cathedrals funding key building repairs 1.483 11101 1,373 Cathedrals funding project development 158 158 Church Growth Fund 11,935 11,0171 13451 84,719 95,637 Churth s8188 regulations CllrNale change fund 3,408 78 3,141 524 1721 548 1,000 Communication of good news fund Dilapidatlon resgrve 100 100 300 300 Ernergency aid 371 72 17141 11,161} 110} 300 29 Evangellsm Fund 8.213 11621 6,890 Overseas fund 19 19 28 Overseas sludanls Partnership Funding 81 81 Provincial priorities fund 327 328 Redundanl churches 1571 21 {663) 699 Repalr5 and extensions to churches 656 395 {280) 771 COVID fund 84 168) 16 Structur81 Resillence Fund 27,750 27,750 Website development Total Iix) 100 364,335 672 14,4401 29,167 844 390,578 40

Annual Report and Accounts 2024 | The Representative Body of the Church iri Wales Note 18 Deslghated:F.utidis.' (Prior Year) Capltal Church r8pairs capital reserve Diocesan parsonage improv8rnent fund Pension equallsation reserve i%t January 31st December 2023 £000 2023 £000 Income Expenditure £000 £000 Transfers £000 Gains £000 14,598 813 15,427 3,733 3,970 18,1141 14111 115,081 125 151 115,201 Property reserve 37,182 6,724 43,906 Revaluation raserve 161,024 1,953 162,977 Revenue Cath8drals funding qulnquennial inspectlons Calh8drals funding key building repairs Calh8drals funding project dev8loptn8nt Church Growth Fund 17 141 1,500 1171 1,483 221 1631 158 11,1651 13,100 11,9 Church s818s regulations 2,905 621 11181 3,408 Climate change fund Communicallon of good news fund 550 126} 524 100 100 Emèrg8ncy ald 401 52 13321 250 371 Evangellsm Fund 12,755 11,5421 {3,0001 8,213 Overseas lund 69 18 1681 Overseas students Provincial priorities fund 327 327 Redundant Churches 11301 144 1711 1571 Repairs and Exl8nsions to Churehes 467 374 11851 656 COVID Fund 185 11011 84 Transformation Fund 24 {241 Total 350,583 5,320 111,8111 10,753 9,490 364,335 41

Annual Report and Accounts 20241 The Repre8enlalive Body of the Church in Wales Capjtal Church repalrs capital reserv Capital fund for church repairs and ralat88 to the value of inv8stsn8nts held within our Common Investment Fund. Dlocèsan parsonage Improvem8nt fund Funds for the pureha8es, sales and improvements of parsonages. Atransfer has been made at the year end frotn general funds du8 to the balancè being in dethcll at the end of 2024. Penslon equalisatlon resèrve Funds to meet future clergy pension Ilabllltles, thls fvnd ha5 been released lo general funds In 2024 due to tha liabllity b61ng shown on the Balan￿ Shegt. Propgrty reserve Funds relating lo unrealised gains on general property hald, this fund has been released to general funds In 2024 and has been replaced by the tangible fixed 8ssels and non Investmènt properhes fund below. Funds relating lo unrealiqed gains on parsonages, church halls and sundry prop&rty, this fund has been released to general funds in 2024 and has been replaced by the tangible fixed assets and non investment properties fund below. Revaluatlon reserve Tanglble flxed assets Non-investmenl propertie8 Fund relates to the net book value ol the charity's fixed assets. Fund relates to the valuation ol the charity'8 non inveslrnent properties. Revenue Cath8dra18 fundlng qulnqugnnlal In$pe¢tlon$ Funds available lor quSnqu8nnial inspe¢tlons. Cathedrals fundlng key building repair8 Funds available for key building repairs. Cath8dra18 funding prol8Ct development Funds 8V8i18ble for prolèet developmènt. Church Growth Fund Th8 charity rnad8 8 £l￿rn pledg? to fund church giowlh piojec15 over 8 10 year periiNJ, the lund rel8te5 to 8mount5 8V8ilable for distribution 2nd draw down. Church sales règulations Funds available from the sale ol churches. Cllmate change fun Funds available lo support the climate change work ol the charity. ommunlcatlon of good news fund Funds available lo support the communication activities of the Archbishop. Dllapldatlon reSe￿e Emergency ald Evangellsm Fund Fund5 deslgnated r8g8rdino dilapidatlon costs. Funds availab18 lor buildlng 8rn8rg8ncigs. Funds 8V8118blè for dioce5è5 to act on 8v8ngèlism and ehureh growth. Ov8rs8as fund Funds 8vallable for overseas ald. Ovars•a$ Students Funds svallable for overseas students. Partnershlp Fundlng Fund relates lo the 2024 partner5hlp funding elemènt not claimed by Bangor Diocesan 8oard ol FInan￿. This fund will be expended during 2025. Funds available for projects in support ol the Church in Wales priorities statement. Fund$ available lo support costs arising in the maintenance ol redundant churches. Atranslar has bean made at th8 year end from general fvnds due lo the b818nce being in d8li¢il al the end of 2024. Repalrs and 6xtenslons to churches Funds av8ilable lo parish8s regarding repairs lo church buildings. COVID fund Funds availab18 for provinci81 pioj8Cts. This fund will b8 fvIIy 8XP8nd8d during 2025. Provincial priorities fund Rgdundant ¢hurehg5 structural Resillence Fund Funds iamaining to be distribut8d until funding peiiod ends in June 2032. Funds available for webslle development whlch is due to take pla￿ during 2025126. Website development 42

Annual Report and Accounts 2024 | The Represenlalive Body of the Church in Wales Note 19 Anaiksis:oi,,.Nèt:A's*gts". Bolwèon Funds. 2024 Unrestricted £000 Designated £000 Endowment £000 Total Funds £000 Tanglblè ass818 120 120 Investments 645,212 154,073 799,285 Non inveslmenl properties 236,385 5,200 241,585 Current assets 18,816 18,816 Defined benefit penslon schame 4,481 4,481 Clergy pension scheme 1137.1001 1137,1(X)I 927,187 Total 531,409 390,578 5,200 2023 Unrestricted £000 Desigiiated £000 Endowment £000 Total Funds £000 Tanglble 8&8gts 100 100 Inveslments 516.428 222,310 738,738 Non investment properties 99.436 142,025 5,070 246,531 Current assets 29,153 29,153 Defined benefit panslon s(Ji8me 1,027 1,027 Clergy pension scheme 1147,5001 498,644 1147.5001 Total 364.335 5,070 868,049 Note 20 Defined ContrlbutloTh PBnslon Schèm The tharity operates a defined contribution pension scheme for all qualSfylng etnployé8S. The as$8ls of the scheme are held separataly from those ol the charlly In an indep8nd8nlly administered fund. The charga to profit or loss In respect of defined contribution 8ch8mes w9s £252,96212023.' £191.9431. Amounts oulslanding al the year end lolaled.. £14,226 12023.. £nlll. Nbtè 21 Dèflned Behéflt Pènsion S¢heme The charity operates a dofingd bonefil ponsion scheme arrangement called 'The Represenlallve Body of the Church Wales Staff Retlrement Benefit Scheme, Ilhe Sch8mel. The Scherne provid&s benglils based on final salary and length ol service on ret1￿Ment. leavlng Se￿Ce or death. The Scheme closed to new m8mb8rs on 31￿ March 2017. The Scheme Is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is eariled out every three years lo delermlne whether the Statutory Funding Obl8ctlv8 Is met. As part ol the process the Ernploy8r rnust agree wlth the trustees of the Scheme the contributions lo be paid to address any shortfall agalnst the Statutory Funding Obleotlve and contrlbutlons to pay for futur8 accrual ol benefits A full aeluarial valuation of the Schetne was ￿rrIed out as al 315IMarch 2024 by Atkin Pensions and the nexl valuation of the Scheme Is due as at 31JlMarch 2027. The results of the 2024 valuatlon have beem updated by 8n ind8p&ndenl qualifying actuary Alkin Pensions lo 3111De￿rnber 2024 allowing lor cashflows In and out ol tha Sch8mè and Ghanges to th8 assumptions ov8r th8 p8riod. 43

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Note 21 continued D¥fined.Benefit Pension Scheme Rgllremenl benefll obllgatlons 2024 £000 2023 £000 4,481 1,027 Total 4,481 1,027 Key assumptlons Dlscount rate 2024 5.55OA 2023 4.65Y¢ Inflation assumptlon RPI Revaluallon In deferment Salary increases Mortallty assumptlons The 88$umed Ilfe expectatlons on retlrem&nl at agè 65 are: Retiring today.. Males R&liring today.. Female5 Retlring in 20 y&8rs.' Malès R&tlrlng In 20 years.- Females Amounts reGognised in the pmflt and loss account.. Cu￿ent service cost 2.950A 3.05Q 3.OOY 3.20% 2.55°/. 2.75°A 21.7 21.8 24.2 24.1 22,9 23.0 25.6 25.6 £000 £000 285 323 Net interest on deflned benèfit118blllty Expenses Total eosts 1641 62 1121 50 283 361 Amounts taken to othor comprehensive income.. Exp8ri8nce gains and Ilossesl on scheme IlabS11￿eS Derllographic assumpllons gains and Ilossesl on scheme Ilabllltle5 Financlal assumpts'ons gains and Ilossesl on sehèm81I8bllilies Experience gains and Ilossesl on scheme 8SS8ts Total 148 11731 Igoi 12031 856 70 2,540 1631 2,695 390 The amounts included in the balance sheet arfsing from the charivs obligalions in respect of deflned benellt plans are as follows.. Pres8nt value ol defilled benefit obligations Fair value of assets 116,4471 20,928 4,481 {18,769} 19,796 1.027 Surplus In scheme Movements In the year of defined benefit assets.. Asset5 brought fO￿￿8rd Inleresl incom8 19,796 927 17,351 816 Actuarial galn I Ilossl on assets Beneflls pald Expenses paid Contributions by the employer Contributions by scheme members Assets carrled forward 1631 18311 1621 1.042 119 856 14341 1501 1,125 132 20,928 19,796 Changes in the present value of the defined benefit obllgatlon Openlng delin8d b8nelil obligation Inlgrest costs 18,769 863 17,478 804 Actuarial Igainl Benefils paid Current service cost 12,7581 18311 285 466 14341 323 ConlrSbutlons 119 132 Closlng dèflnèd bèn8fit obllgatlon 16,447 18,769 44

Annual Report and Accounts 2024 | The Representative Body of Ihe Church in Wales The fair value ol plan assets at the reporting period end was as follows.. Equity instmmenls Bonds 50% 48% 61% Prop8rty Cash Total 100¥. 100.1. Note 22 Clergy. Pénsion Pr¢vlsl'on The clergy pension provlsion was established ifj 8cwrdance with tha advice of our AGtuadgs. to m88t liabilities for clergy and sUrvi￿ng spous8s and civil partners, pensions and graluit188. Th8 actuarial valuation and basss of annual provlsion is reviewed every Ihrea years. Al the dale ol tho last Iriennlal Bcluarlal valuation al 31¥ Dec8mber 2022 undertaken by Quantum Advlsory, the Ilability ol thè Repr8S8ntslive Body lor past Servi￿ on the current lundlng basls was assessed using a dlscount rat6 014.8UA at £140.4 million, whlch represented 19.20/0 (previously 27.3Y.l of total funds 81 that dale. Based upon Ihls valuallon. th& annual Iransl8r. The k8y finan(xal assumptions used for tha full actuarial v8lualion al 31•1 December 2024 and the InlerSm valuation for 2022 are out ￿lOw. The n8Xt full actuarial valuation ol the Scheme is dLJe to lake place al 31W December 2025. 2024 £000 2023 £000 R8tiremenl benefit obllgatSons 147,500 140,400 Current servlce contributions 2,968 2.581 Other curr8nl s9rvice oontrfbutions 120 11131 3,783 Incom8 allocated 3,415 P8n8ion payments to retired dergy 15,5741 11,5621 11,2461 15,1811 Pension payments to survlvSng spous8s and civil partners Gratuity payments of re￿red clergy Transfer payments AdmInistrat￿9 expenses Movem8nl in provision 8alanco carrled fO￿ard 11,5191 11.3831 13} 11261 9,061 11081 18,3991 137,100 147,500 Key assumptions Discount rale 2024 2023 5.3° 4.5Vts Inflation assumption RPI Inflation assumptlon CPI Stlpend Increases Penslon Incr8asÈs - slSpend linked Penslon In¢r88ses RPI up lo s°￿ per annum, Deferred revaluation 3.3Q 3.3Y. 2.6Q 2.6Y. 3.1% 3.IY¢ 3.2Yo 3.1° 3.10 3.2% 3.2% Post r8liremenl morality assumptions The assumed life expec18Uons on r8tlr8ment al ag9 65 are.. Retlrlng loday.. Malès Retlrlng lod8y.' Femalès Retlrlng In 20 ye8tr3.' bAales R8tirNng in 20 y8ars.' Fema185 21.5 21.4 23.9 23.8 22.5 22.4 25.0 25.0 45

Annual Report and Accounts 2024 | The Representative Body of the Church in Wales Note 23 Special Tru$t8 The Repres8llt8tiv8 Body is Ihe Trustee ol the Church Wa10s Common Investment Fund. Thè unlt holdèrs In th8 Common Investment Fund are indivldLEal funds held on behalf of beneficiaries, where Ihe Representative Body is the managlng or (yjstodian trustee ol the funds. The aggregate value ol these speci81 trusts at 3111 De￿mber 2024 was £67,064,15412023.' £63,444.4751 and was Invested in stock exchange secudlles and tho Church in Wales Common Investment Fund. The income on these funds was £2,265,62312023'. £2,202,841) and was wholly distributed to beneficiaries. Note 24 Custodian Trustee The Representative 8ody Is the cust￿l8n trustee of 9 parsonages. Note 25 Reloted Party.Tr_ansactlori8.- Du8 lo the nature ol the Representative Body's op9r81ions and ils membership being drawn from a wide range of Clerical and 18y members, il is inevitable that transactions wll take place with organisations in whlch a m8mb8r of the R8pr8senlalive Body msy have an interest. Th8 most significant tronsaciions are as follows: The six Diocesan Boards ol Flnance rèc81V8d th8 following funding.. 2024 £000 2,335 3,700 1,161 968 2023 £000 2,674 3.594 1,542 1,165 Partnership Fundlng Structural Resilience Fund Evange115m Fund Church Growth Fund At the year-gnd they also had loans oulslandlng ol.. Clergy Rfjliremenl Housing Loan Scheme 1,532 1,165 Noto 26 Operat7ng Leases"- Al the reporting dale th8 charity had outstanding commitments for futurg rllinimum lease payments under nOn-can￿lIable operatlng laases, whlch fall due as follows., 2024 £000 499 2023 £000 362 Wlhbn one year Between kn to five years Total 739 1,237 1,599 1,238 Note 27 Commitsiien&"- Al 31#1 De￿mber 2024 the Representative Body has budgoled lo provide the six diocese the followng funding.. 2024 £000 2,621 3,700 6,890 23,125 36,336 2023 £000 2,500 3,700 8,051 11,935 26,186 Partnershlp funding StructurBI resilience funding Evangelism funding Church growth fundlng Total 46

Annual Report and Awounts 2024 | The Representative Body of the Church in Wales 2023 2023 2023 Unrestrlcted Designated Endowment Funds .' Funds Funds £000 £000 £000 2023 Total Funds £000 2022 Total Funds £000 Year-Statement.of... Flnan¢ial A¢tiVItI¢$ Income from.. Donallons and legacl6s 327 327 19 Charil8ble acsvrtles income 417 834 1,251 1.050 Inve5trnent Income 22,252 391 22,643 20.961 Total income 22,996 1.225 24.221 22,030 Expenditure on: Ralslng funds 3,397 3,397 3,281 Charitable actlvKles 18.424 3,697 22,121 19.553 Total expenditure b8fore clergy penslon provlslon movement 21,821 3,697 25,518 22,834 Clergy penslon provlslon movement 12,515 1fj251 12,390 173,0881 Total expendStLÉre after clergy penslon provSslon movement 34,336 3,572 37.908 150.2541 Net lexpenditurel I Income before Investment Ilossesl I galns 111,340) 12,3471 113.6871 72,284 Net galns I Ilossesl on invesimenis 46,508 813 47,321 188.0611 Net In¢ome I lexpendlturel 35,168 11,534} 33,634 115,7771 Transfers be￿een funds 110,7531 10,753 Other recogrrlsèd galn5 Illossesl: Gains and losses on revaluation of fixed assets lor the charity's own use 11.0271 4.533 230 3,736 4,162 Actuarial gain on defined benelSt pension schemes 390 390 8,495 Wrlte down of ihe holding valuallon of churches 173,7151 Net movement In funds 23,778 13,752 230 37,760 176,8351 Reconclliatlon of funds Total funds brought forward 474.866 350,583 4,840 830,289 907,124 Totsl funds earrl8d forward 498.644 364,335 5,070 868,049 830,289 The statement of financial acllvi118s includes all gains and losses recognls8d In th8 year. All income and expenditure derive from continuing aclivilies. 47