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.
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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 1*1 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
Fl*ed 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