2021-12-31-accounts

CONTENTS			Page
Trustees' Report			1-17
Auditors' Report			18-20
Statement of FinancialActivities			21-23
Summary of Income and Expenditure		Account and
Statement ofTotal Recognised	Gains	and Losses
Balance Sheet			25
Cashflow Statement			26
Notes to the Accounts			27-53

Clergy Stipend Levels	2021	2020
Assistant Curate	21,559	21,559
Incumbent and Vicar in Rectorial Benefice	25,363	25,363
Rector of Rectorial Benefice	26,631	26,631
Residentiary Canon	29,167	29,167
Archdeacon	38,805	38,805
Dean	39,313	39,313

			Forthe Year Ended 31Decemb	Forthe Year Ended 31Decemb	er 2021	er 2021
		Note	Unrestricted		Restricted		Total
			General	Designated	Income	Capital	Funds
			Funds	Funds	Funds	Endowment
						Funds
			2021	2021		2021	2021
			f	f		f	f
INCOME AND	ENDOWMENTS	FROM:
Donations	and Legacies		5,626,620		805,138	49,742	6,481,500
Charitable	Activities		31,765				31,765
Investments			118,304	60,289	218,818	82,290	479,701
Other Sources			9,467		143,177		152,644
TOTAL			5,786,156	60,289	1,167,133	132,032	7,145,610
			2020f	2020f	2020 f	2020	2020 f
INCOME AND	ENDOWMENTS	FROM:
Donations	and Legacies		5,872,709	8,576	892,513	600	6,774,398
Charitable	Activities		19,597				19,597
Investments			125,429	62,296	233,295	82,170	503,190
Other Sources			9,768		36,228		45,996
TOTAL			6,027,503	70,872	1,162,036	82,770	7,343,181

		Forthe Year Ended 31Decemb	Forthe Year Ended 31Decemb	er 2021	er 2021
	Note	Unrestdcted		Restricted		Total
		General	Designated	Income	Capital	Funds
		Funds	Funds	Funds	Endowment
					Funds
		2021	2021		2021	2021
EXPENDITURE ON:		6	E		E	6
Raising Funds	7	6,665	9,733	2,037	25,595	44,030
Charitable Activities
Support for Ministry	8	3,916,400	61,042	898,788		4,876,230
Supportfor Parishes	9	1,413,300	67,299	10,917		1,491,516
Church Property		67,296		17,882		85,178
Other Financial Support		141,957				141,957
Communication	12	30,769				30,769
Other	13				52,695	52,695
TOTAL		5,576.387	138.074	929,624	78,290	6,722,375
		2020	2020	2020	2020	2020
EXPENDITURE ON:			E			E
Raising Funds	7	5,971	8,735	1,977	21,921	38,604
Charitable Activities
Support for Ministry	8	3,733,972	84,336	933,219		4,751,527
Support for Parishes	9	2,178,976	143,843	3,474		2,326,293
Church Property	10	111,547		22,247		133,794
Other Financial Support		138,860				138,860
Communication	12	32,009				32,009
Other	13		10,789		131,392	142,181
TOTAL		6,201,335	247,703	960,917	153,313	7,563,268

		Forthe Year Ended 31Decembe	Forthe Year Ended 31Decembe	r 2021	r 2021
	Note	Unrestricted		Restricted		Total
		General	Designated	Income	Capital	Funds
		Funds	Funds	Funds	Endowment
					Funds
		2021	2021	2021	2021	2021
NET INCOME /(EXPENDITURE)
BEFORE INVESTMENT GAINS		209,769	(77,785)	237,509	53,742	423,235
NET (LOSSES) ON INVESTMENTS	18	139,938	195,635	16,558	445,871	798,002
NET INCOME/(EXPENDITURE)		349,707	117,850	254,067	499,613	1,221,237
TRANSFERS BElWEEN FUNDS	24/25	226,315	(106,315)	(110,000)	(10,000)
NET MOVEMENT IN FUNDS		576,022	11,535	144,067	489,613	1,221,237
Total Funds Brought Forward		5,658,918	2,394,909	2,032,635	3,861,688	13,948,150
TOTAL FUNDS CARRIED FORWARD		6,234,940	2,406,444	2,176,702	4,351,301	15,169,387
		2020f	2020 f	2020 f	2020	2020f
NET INCOME /(EXPENDITURE)
BEFORE INVESTMENT GAINS		(173,832)	(176,831)	201,119	(70,543)	(220,087)
NET GAINS ON INVESTMENTS	18	(7,505)	(10,961)	(928)	(23,024)	(42,418)
NET INCOME/(EXPENDITURE)		(181,337)	(187,792)	200,191	(93,567)	(262,505)
TRANSFERS BElWEEN FUNDS	24/25	2,888	30,612	(25,000)	(8,500)
NET MOVEMENT IN FUNDS		(178,449)	(157,180)	175,191	(102,067)	(262,505)
Total Funds Brought Forward		5,837,367	2,552,089	1,857,444	3,963,755	14,210,655
TOTAL FUNDS CARRIED FORWARD		5,658,918	2,394,909	2,032,635	3,861,688	13,948,150

				2021		2020
				E		E
Gross Income (per SOFA)				7,145,610		7,343,181
Expenditure (per SOFA)				(6,722,375)		(7,563,268)
Operating (Deficit)/Surplus For the Year				423,235		(220,087)
Realised Gains on Investments
Realised gains/losses on Investments			1,057,413		(19,522)
Realised gains on investment	properties
Realised gains on fixed assets
				1,057,413		(19,522)
				1,480,648		(239,609)
Unrealised Gains on Investments
Revaluation (Loss)/Gain on investment		Property
Unrealised Gains/(Losses) on	Investments		(259,411)		(22,896)
Revaluation (Loss) on Fixed Assets
Valuation of Properties introduced
				(259,411)		(22,896)
(DEFICIT)/SURPLUS FORTHE YEAR				1,221,237		(232,3337

				Notes	2021	2021	2020	2020
					E	E	f	E
FIXEDASSETS
Tangible Assets				17	248,662		227,145
Investments				18	9,619,724		8,888,056
						9,868,386		9,115,201
CURRENT ASSETS
Debtors				19	898,563		869,918
Investments				20
Cash at Bank	and in Hand				6,137,110		5,893,696
					7,035,673		6,763,614
CREDITORS:	Due Within	One Year		21	(1,414,397)		(1,550,390)
NET CURRENT ASSETS						5,621,276		5,213,224
TOTAL ASSETS LESSCURRENT			LIABILITIES			15,489,662		14,328,425
CREDITORS:	Due More	Than
One Year				22		(320,275)		(380,275)
NET ASSETS						15,169,387		13,948,150
FUNDS
Restricted Capital Endowment			Funds	23		4,351,301		3,861,688
Restricted Income Funds				24		2,176,702		2,032,635
Designated Funds				25		2,406,444		2,394,909
Unrestricted	Funds			26
Revaluation	Reserve	Fund			1,678,765		1,678,765
General Funds					4,556,175		3,980,153
						6,234,940		5,658,918
						15,169,387		13,948,150

			Notes	Notes		2021		2020	2020
						6		E
				28
Net Cash provided by/(used in) operating			activities			(367,439)		(505,705)
Cash flows from Investing	activities:
Dividends, interest and	rents from	investments			479,699		503,190
Purchase ofproperty, plant and equipment					(28,034)		(3,327)
Proceeds from the sale	offixed assets
Proceeds from the sale	of investments				2,601,381		672,699
Purchase ofinvestments					(2,450,945)		(690,447)
Net Cash provided by/(used in) investing			activities			602,101		482,115
Cashflows from financing	activities:
Receipt ofendowment						49,742			600
Change in cash and cash equivalents		in the		reporting	period	284,404		(22,990)
Cash and cash equivalents	at the			28		6,035,175		6,058,165
beginning ofthe reporting	period
Cash and cash equivalents	atthe end	ofthe		reporting	period	6,319,579		6.635,175

ot	es			Unrestricted	Unrestricted			Restricted	Restricted	Total
				General	Designated		Income		Capital	Funds
				Funds		Fund		Funds	Endowment
									Funds
3	Donations and	Legacies		2021 f		2021		2021 f	2021 f	2021 f
	Ministry Share			3,511,818						3,511,818
	RB:Block Grant			684,170				458,021		1,142,191
	RB:Additional	Support		1,408,731						1,408,731
	RB:Improvement		Fund					177,640		177,640
	RB:Evangelism		Fund Grant					145,836		145,836
	Grants			8,333				15,124		23,457
	Legacies								49,742	49,742
	Donations			13,568				8,517		22,085
	Contributions
				5,626,620			805,138		49,742	6,481,500
	in 2020 E12,124 (		2019:f12,124)was received as a grant		from	the Allchurches		Trust Limited.
3	Donations and Legacies			2020 f	2020		2020 f		2020 E	2020 E
	Ministry Share			3,763,471						3,763,471
	RB:Block Grant			715,997			426,195			1,142,192
	RB:Additional	Support		1,374,728						1,374,728
	RB:Improvement		Fund				267,112			267,112
	RB:Evangelism	Fund Grant						171,329		171,329
	Grants			18,333				21,624		39,957
	Legacies					8,576			600	9,176
	Donations			180				6,253		6,433
	Contributions
				5,872,709		8,576	892,513		600	6,774,398
	Charitable Activities			2021	2021		2021		2021	2021
				f		f		f	f	f
	Chaplaincy Fees			23,521						23,521
	Fees			8,244						8,244
	Fundraising
	Sale of Publications
				31,765						31,765

				Forth	e Year Ended 31December 2	e Year Ended 31December 2	021	021
					Unrestricted		Restricted		Total
					General	Designated	Income	Capital	Funds
Notes					Funds	Fund	Funds	Endowment
								Funds
	Charitable Activities				2020	2020f	2020 f	2020 f	2020 f
	Chaplaincy Fees				19,597				19,597
	Sale of Publications
					19,597				19,597
5	Investments				2021	2021	2021	2021	2021
					f	f	f		f
	Rents Received				93,253		20,190		113,443
	RB Common Investment		Fund		76				76
	DBFCommon Investment			Fund	24,426	41,584	3,041	82,290	151,341
	Rents Received: Parsonage			Board			192,803		192,803
	Interest				549	58	2,784		3,391
	Realisation ofTrusts					18,647			18,647
					118,304	60,289	218,818	82,290	479,701
5	Investments				2020	2020	2020	2020	2020
					f	f	f	f	f
	Rents Received				91,229		20,105		111,334
	RB Common Investment		Fund		74				74
	DBFCommon investment			Fund	23,623	40,654	2,941	80,915	148,133
	Rents Received: Parsonage			Board			200,514		200,514
	Interest				10,503	2,990	9,735	1,255	24,483
	Realisation ofTrusts					18,652			18,652
					125,429	62,296	233,295	82,170	503,190
6	OtherSources				2021	2021	2021	2021	2021
					f		f		f
	ContributionrHousing	Association			6,455				6,455
	Proceeds from the sale ofassets
	Administration Fee:Sale of		Property		62		10,985		11,047
	Marriage Licences				2,280				2,280
	Church Repair Grants						132,000		132,000
	Sundry Income				670		192		862
					9,467		143,177		152,644

			Forth	e Year Ended 31December 2	e Year Ended 31December 2	021	021
				Unrestricted		Restricted		Total
				General	Designated	Income	Capital	Funds
Notes				Funds	Fund	Funds	Endowment
							Funds
6	Other Sources			2020	2020	2020	2020	2020
				E		E
	Contributionrgousing		Association	6,340				6,340
	Proceeds from	the sale ofassets
	Administration	Fee:	Sale ofProperty
	Marriage Licences			2,130				2,130
	Church Repair	Grant				36,000		36,000
	Sundry Income			1,298		228		1,526
				9,768		36228		45,996
				2021	2021	2021	2021	2021
7	Raising Funds			E	E	f	E
				6,665	9,733	2,037	25,595	44,030
7	Raising Funds			2020	2020	2020	2020	2020
				E	f	E	E	E
				5,971	8,735	1,977	21,921	38,604

				Fort	he Year Ended 31December 2	he Year Ended 31December 2	021	021
					Unrestricted		Restricted		Total
					General	Designated	Income	Capital	Funds
Notes					Funds	Fund	Funds	Endowment
								Funds
8	Support for Ministry				2021	2021	2021	2021	2021
					f	f			f
	Stipends, Fees &Pensions
	Stipends				2,410,513	42,942			2,453,455
	Pension-Employers		Contribution		786,260	14,164			800,424
	Vacancy Fees				1,197				1,197
	Sundry
	Property
	Council Tax				182,136				182,136
	Parsonage Board						743,578		743,578
	insurance on Parsonages				21,539				21,539
	Sundry				5,534				5,534
	Evangelism Bid - Centre		of	Mission	17,531		155,210		172,741
	Clergy Expenses
	Clergy/Chaplains	Expenses			11,631				11,631
	Removal/Disturbance			Allowance	25,257				25,257
	Archdeacons and	Area		Deans	13,843	3,936			17,779
	Recruitment Costs				877				877
	Training
	Ordinands/NSM				23,184				23,184
	Lay Training				2,877				2,877
	CMD/Vocations Advisers				1,866				1,866
	Spiritual Directors
	Support Costs (Direct)				9,109				9,109
	Support Cost Allocation				403,046				403,046
					3916400	61,042	898,788		4,876,230

ot	es					Unrestricted		Restricted		Total
						General	Designated	Income	Capital	Funds
						Funds	Fund	Funds	Endowment
									Funds
8	Support for Ministry					2020	2020	2020	2020	2020
						f	f	f		f
	Stipends, Fees &	Pensions
	Stipends					2,363,871	42,953			2,406,824
	Pension-Employers			Contribution		767,740	14,164			781,904
	Vacancy Fees					6,710				6,710
	Sundry
	Property
	Council Tax					178,067				178,067
	Parsonage Board							849,046		849,046
	Insurance on	Parsonages				21,585				21,585
	Sundry					5,535				5,535
	Evangelism Bid - Centre			of	Mission	13,847	20,344	84,173		118,364
	Clergy Expenses
	Clergy/Chaplains		Expenses			2,169				2,169
	Removal/Disturbance				Allowance	30,059				30,059
	Archdeacons	and	Area		Deans	6,245	2,736			8,981
	Recruitment Costs					997				997
	Training
	Ordinands/NSM					27,139	4,139			31,278
	Lay Training					526				526
	CMD/Vocations	Advisers				735				735
	Spiritual Directors
	Support Costs (Direct)					4,507				4,507
	Support Cost Allocation					304,240				304,240
						3733972	84336	933 219		4 751527

ot	es			LInrestricted	LInrestricted	Restricted	Restricted	Total
				General	Designated	Income	Capital	Funds
				Funds	Fund	Funds	Endowment
							Funds
9	Support for Parishes			2021	2021	2021	2021	2021
				f	f	f	f	f
	Sector Ministry Costs			1,851				1,851
	Safeguarding			22				22
	Local Ministry Area Initiative		Grants		7,247			7,247
	Grants to Parishes				13,275	10,917		24,192
	Legal and Professional	Fees
	Diocesan Strategy				42,164			42,164
	Children and Youth				4,511			4,511
	Funding and Parish Support			1,286,324				1,286,324
	Support costs (Direct)			1,744	102			1,846
	Support cost allocation			123,359				123,359
				1,413,300	67,299	10,917		1,491,516
9	Support for Parishes			2020	2020	2020	2020	2020
					f	f	f	f
	Sector Ministry Costs			1,488	1,640			3,128
	Safeguarding			319				319
	Local Ministry Area Initiative		Grants		2,984			2,984
	Grants to Parishes				22,087	3,474		25,561
	Legal and Professional	Fees		516				516
	Diocesan Strategy				32,775			32,775
	Children and Youth				81,209			81,209
	Funding and Parish Support			2,027,164				2,027,164
	Support costs (Direct)			638	3,148			3,786
	Support cost allocation			148,851				148,851
				2,178,976	143,843	3,474		2326,293

Not	es	Unrestricted	Unrestricted	Restricted	Restricted	Total
		General	Designated	Income	Capital	Funds
		Funds	Fund	Funds	Endowment
					Funds
10	Church Property	2021	2021	2021	2021	2021
		f	f	f	f	f
	Custodian Expenses					444
	Quinquennial Inspections
	Diocesan Advisory Committee	18,050				18,050
	Investment Property:
	Maintenance Expenses	20,693				20,693
	Insurance Premiums	5,530				5,530
	Legal & Professional Fees	15,525				15,525
	Other Buildings: Repairs/Insurance
	Church Schools (Open and Closed) 3-16VA School in St Davids			17,882		17,882
	Support Costs (Direct)
	Support cost allocation	7,054				7,054
		67,296		17,882		85,178
10	Church Property	2020 f	2020 f	2020 f	2020 f	2020 f
	Custodian Expenses	1,080				1,080
	Quinquennial Inspections	45,880				45,880
	Diocesan Advisory Committee	17,737				17,737
	Investment Property:
	Maintenance Expenses	12,710				12,710
	Insurance Premiums	5,993				5,993
	Legal & Professional Fees	19,532				19,532
	Other Buildings: Repairs/Insurance
	Church Schools (Open and Closed) 3-16VA School in St Davids			22,247		22,247
	Support Costs (Direct)	43				43
	Support cost allocation	8,572 111,547		22,247		8,572 133,794

Not	es		Unrestricted	Unrestricted	Restricted	Restricted	Total
			General	Designated	Income	Capital	Funds
			Funds	Fund	Funds	Endowment
						Funds
11 Other Financial Support			2021	2021	2021	2021	2021
			f	f	f		f
	Grants: Church in Wales Bodies		104,793				104,793
	Grants: Anglican/Ecumenical/Other		500				500
	Other Grants		24,450				24,450
	Support Costs (Direct)		500				500
	Support cost allocation		11,714				11,714
			141,957				141,957
11	Other Financial Support		2020	2020	2020	2020	2020
			f	f	f		f
	Grants: Church in Wales Bodies		104,792				104,792
	Grants: Anglican/Ecumenical/Other		500				500
	Other Grants		24,200				24,200
	Support Costs (Direct)		500				500
	Support cost allocation		8,868				8,868
			138860				138,860
12	Communication		2021 f	2021 f	2021 f	2021 f	2021 f
	Newsletters/Diocesan	Publications	5,829				5,829
	Year Book
	Pembrokeshire Show
	Support Costs (Direct)		24,414				24,414
	Support cost allocation		526				526
			30,769				30,769
12	Communication		2020 f	2020 f	2020 f	2020 f	2020 f
	Newsletters/Diocesan	Publications	6,369				6,369
	Year Book
	Pembrokeshire Show
	Support Costs (Direct)		25,204				25,204
	Support cost allocation		436				436
			32,009				32,009

Notes	Unrestricted		Restricted		Total
	General	Designated	Income	Capital	Funds
	Funds	Fund	Funds	Endowment
				Funds
13 Other	2021 f	2021 f	2021 f	2021 f	2021 f
Payment ofTrust Income				34,043	34,043
Realisation ofTrust Capital
Payment ofLegacies				18,652	18,652
				52695	52695
13 Other	2020f	2020 f	2020 f	2020 f	2020 f
Payment ofTrust income Realisation ofTrust Capital Payment of Legacies		10,789		59,629 71,763	59,629 10,789 71,763
		10789		131,392	142181

F	F	F	or	the Y	ear Ended 31Decem	ber 2021
FUNDING AND PARISH SUPPORT						2021	2020
						f	f
Prompt Payment Discount
Increase in Unpaid	Ministry	Share Provision				50,000	100,000
Ministry Share not requested						1,236,324	1,880,735
Ministry Share Write Off							46,429
						1,286,324	2,027, 164
SUPPORT COSTS						2021	2020
						f	f
Salaries and Related	Payments					387,697	337,286
Travelling Expenses						359	3,328
Expenses Staff Members						5,925	674
Office Cleaning						794	1,236
Heating and Lighting						5,814	7,042
Telephone						6,704	4,653
Printing, Stationery	and Office Sundries					1,971	2,452
Postage						1,585	1,886
Ground Rent of Offices						18,000	18,000
Water Rates						1,208	1,315
Office Security
Insurances (including	Trustees Indemnity			Insurance)		11,115	11,114
Depreciation						5,541	6,457
Repairs and Renewals						4,692	3,559
Legal and Professional						19,558	4,485
Audit Fee						14,400	17,325
Training Courses						3,890	1,887
Bank Charges and Interest						1,088	316
Miscellaneous						841	6,013
Room Hire						60
Diocesan and Archdeacons		Registrars	Expenses			25,391	25,806
Computer Software	and Support					13,764	5,803
Office Equipment						4,858	7,593
Grantfinder						1,356	1,292
Governing Body Meeting Expenses						5,946	1,024
Translation Fees						708	272
Diocesan Conference						2,436	144
Other Sundry Expenses
Medical Fees
Contribution to Support Costs from Restricted					Funds	(80,000)	(68,500)
						465,701	402.466
Governance costs included		within the	above support costs			48,173	44,299

				Opening	Ministry	Paid	Closing	Ministry
				Balance	Share		Balance	Share
				1January			31December
				2020	2020	2020	2020	2019
				f	f	E		f
STDAVIDS ARCHDEACONRY
Cathedral				10,725	48,079	(58,804)		42,899
South West		Pembrokeshire		17,140	183,282	(197,761)	2,661	168,442
Narberth gi		Tenby		16,340	323,090	(274,411)	65,019	279,000
Roose				31,923	336,620	(349,674)	18,869	316,123
Greater Dewisland				44,316	73,860	(107,877)	10,299	94,104
Gorllewin Cemaes - West Cemaes				113,224	154,031	(237,429)	29,826	143,277
Daugleddau				38,257	173,808	(195,474)	16,591	182,464
East Landsker				87,485	99,570	(170,470)	16,585	95,066
TOTAL				359,410	1,392,340	(1,591,900)	159,850	1,321,375
CARDIGAN ARCHDEACONRY
BroTeifi				11,525	201,152	(203,003)	9,674	174,975
BroAeron	Mydr			3,916	70,587	(63,444)	11,059	70,087
Glyn Aaron	[BroAeron (Coastal)]			16,154	115,112	(122,443)	8,823	106,640
BroWyre					48,810	(48,173)	637	56,711
Aberystwyth					278,497	(270,209)	8,288	247,680
Bro Padarn				2,745	145,780	(145,981)	2,544	142,159
Lampeter				13,908	149,084	(165,623)	(2,631)	142,483
Emlyn (Dyffryn			Teifi)	5,015	116,209	(117,841)	3,383	103,480
TOTAL				53,263	1,125,231	(1,136,717)	41,777	1,044,215
CARMARTHEN		ARCHDEACONRY
Bro Dyfri				3,268	138,471	(138,756)	2,983	124,833
BroAman				16,893	131,919	(143,012)	5,800	133,133
Bro Lliedi				79,255	190,503	(248,193)	21,565	175,991
BroGwendraeth				5,617	106,137	(109,260)	2,494	116,556
Bro Glannau		Tywyn			143,331	(122,013)	21,318	128,114
Bro Cydweli				10,400	133,352	(130,371)	13,381	132,752
Bro Dlnefwr					117,023	(136,942)	(19,919)	116,242
Bro Caerlyrddin				19,657	172,680	(188,597)	3,740	164,722
BroSancfer				4,327	112,481	(113,842)	2,966	108,999
TOTAL				139,417	1,245,897	(1,330,986)	54,328	1,201,342
ARCHDEACONRY			TOTALS
STDAVIDS ARCHDEACONRY				359,410	1,392,340	(1,591,900)	159,850	1,321,375
CARDIGAN	ARCHDEACONRY			53,263	1,125,231	(1,136,717)	41,777	1,044,215
CARMARTHEN			ARCHDEACONRY	139,417	1,245,897	(1,330,986)	54,328	1,201,342
DIOCESAN TOTAL				552,090	3,763,468	(4,059,603)	255,955	3,566,932

~TENIBLE A55EI5
	Freehold	Leasehold	Office
	Property	Premises	Equipment/	Total
	Restricted	(More Than	Furniture &
		50Years) f	Fittings f
FAIR VALUE
At 1January 2021	164,500	94,418	120,056	378,974
Additions			28,034	28,034
At 31December 2021	184,100	94,418	148,090	407,008
DEPRECIATION
At 1January 2021		36,592	115,237	151,829
Charge for Year		1,143	5,374	6,517
At 31December 2021		37,735	120,611	158,346
FAIR VALUE
At 31December 2021	164,500	56,683	27,479	248,662
At 1January 2021	164,500	57,826	4,819	227,145

	Freehold	Property	Leasehold	OfRce
	Unrestricted	Restricted	Premises	Equipment/	Total
			(More Than	Furniture &
			50Years) f	Fittings f
Cost/Valuation		164,500	94,418	148,090	407,008
		164,500	94,418	148,090	407,008

					2021		2020
Listed Investments					5,944,357		5,091,150
Government Securities			and Fixed Interest		1,002,898		1,164,427
Cash Held		on Deposit			182,469		141,479
					7,129,724		6,397.056
					2021		2020
					Fair	Cost	Fair	Cost
					Value		Value
					f	f	f	f
Investment		Properties	—Unrestricted	Funds	2.490,000	882,235	2,491.000	882 235
					Investments	Investment		Total
						Properties		Investments
						f		f
At 1January					6,397,056	2,491,000		8,888,056
Additions					2,450,945			2,450,945
Disposals
Realisation ofTrust Capital Realised Gains/(Losses)					(2,601,381) (18,715)	(1,000)		(2,602,381) (18,715)
Eqilibrium	adjustment				1,051,439			1,051,439
Unrealised Gains/(Losses) Cash movement					(200,430) 40,990			(200,430) 40,990
Equilibrium adjustment At 31December					9,820 7,129,724	2,490,000		9,820 9,619,724

19	DEBTORS							2021		2020
								f		f
	Loans							336,446		403,464
	Ministry Share Receivable		from Benefices (Less Provision)					298,129		251,881
	Sundry Debtors and Prepayments							263,988		214,573
								898,563		869,918
	LOANS AS AT31DECEMBER			2021
					Balance		Advance	Interest	Repaid	Balance
				1January						31December
					2021f		2021 f	2021	2021 f	2021 f
	Diocesan Loans:
	St Davids Diocesan Housing		Assn
	Other Loans Retired Clergy 1.5N0 I-lousing			Loans	23,189			538	~7,556)	16,171
					23,189			538	(7,556)	16,171
	Provincial Housing Loans:
	Equity Linked				380,275				(60,000)	320,275
	Totals				403,464			538	(67,556)	336,446
	Provincial and Clergy Housing			Loans are repayable		on death	orsale of	property
20	CURRENT ASSET INVESTMENTS							2021		2020
								f		f
	Short Term Deposits
21	CREDITORS DUE WITHIN	ONE YEAR						2021		2020
								f		f
	Other Creditors							852,578		814,877
	Ministry Share Received	in	Advance					22,714		99,311
	Restricted Funds Creditors							539,105		636,202
								1,414,397		1550,390
22	CREDITORS DUE MORE THAN			ONE YEAR				2021		2020
								f		f
	Due tothe Representative		Body ofThe Church		in	Wales		320,275		380,275

RESTRICTED CAPITAL ENDOWMENT	FUND				2021	2020
					f	f
Balance as at 1January					3,861,688	3,963,755
(Deficit) forthe Year					43,742	(41,875)
Net Gain/(Loss) on Investments					445,871	(60,192)
Balance as at 31December					4,351,301	3,861.688
Represented by:
Capital					3,671,035	3,151,596
Income					329,656	243,778
Unrealised Profit (Market Value less Cost)					350,610	466,314
					4,351.301	3,861.688
Endowment funds have been entailed	over many		years and relate		in the main to funds held on behalf ofparishes.
Investment returns are released to the parishes, the Board within this Fund.			where applicable.		When returns are not	released, they are retained by
The Trustees have reference to legal	advice provided			by Carreg Law, solicitors; one ofthe Board's legal advisers.
					2021	2020
					f	f
At 1January					3,861,688	3,963,755
Capital Introduced					49,742	600
Trust Income Received					151,340	148,133
Realisation ofTrusts
Payment ofTrust Income to Parishes	etc.				(103,093)	(59,629)
Capital Withdrawn					(18,652)	(82,553)
Realised Gains					614,380	(19,522)
Unrealised Gains/ (Losses)					(1.68,509)	(40,670)
Investment Managers and Administration		Fees			(35,595)	(48,426)
					4351,301	3.861.688

					1January	Movement	Movement	in Resources	in Resources	31December
					2021	Income	Trans('ers		Expenditure	2021
					E	E			f	E
Diocesan	Ordinands		Fund		86,580	13,269		(40,000)	(533)	59,316
Diocesan	Endowed	Schools Fund			806,860	38,157		(35,000)	(19,385)	790,632
Spirituality	Fund				91,087	15,124				106,211
Community Project		Fund			5,568					5,568
Parsonage	Board Fund				781,403	831,367		(35,000)	(743,579)	834,191
Church Insurance Contingency				Fund	58,808					58,808
Church Repair Grant			(Limited)		69,000	60,000			(10,916)	118,084
Church Repair Grant			(Unlimited)			72,000				72,000
Evangelism	Fund				133,329	153,773			(155,210)	131,892
					2,032,635	1,183,690	(110,000)		(929,623)	2,176,702
					1january	Movement		in Resources		31December
					2020 E	Income f	Transfers		Expenditure E	2020 f
Diocesan Ordinands		Fund			90,674	1,984		(5,000)	(1,078)	86,580
Diocesan Endowed Schools Fund					837,292	23,642	(30,000)		(24,074)	806,860
Spirituality	Fund				73,911	17,176				91,087
Community	Project Fund				5,568					5,568
Parsonage	Board Fund				754,953	905,496	(30,000)		(849,046)	781,403
Church Insurance Contingency				Fund	59,046	236			(474)	58,808
Church Repair Grant					36,000	36,000			(3,000)	69,000
Evangelism	Fund					177,502		40,000	(84,173)	133,329
					1,857,444	1,162,036	(25,000)		(961,845)	2,032,635

			1January	Movement in Resources	Movement in Resources	Movement in Resources	31December
			2021 f	Income f	Transfers f	Expenditure f	2021 f
Redundant Churches		Fund	22,587				22,587
Strategy for Ministry		Fund	485,241	23	(20,000)	(110,555)	354,709
Penlan Farm Fund			52,222				52,222
M H Jones-Olszewski		Fund	1,713,871	231,579	(82,015)	(23,009)	1,840,426
Children &Youth Mission Work Fund			76,928	23	20,000	(4,511)	92,440
Pensions &Assistance		Fund	3,255	24,300	(24,300)		3,255
Safeguarding Fund			40,765				40,765
Fun draising			40				40
			2,394,909	255,925	(106,315)	(138,075)	2,406,444
			1January	Movementin Resources			31December
			2020f	Income f	Transfers f	Expenditure E	2020 f
Redundant Churches		Fund	22,516	71			22,587
Strategy for Ministry	Fund		397,011	9,989	155,243	(77,002)	485,241
Penlan Farm Fund			52,059	163			52,222
M H Jones-Olszewski	Fund		1,766,000	35,208	(34,765)	(52,572)	1,713,871
Children &Youth Mission Work Fund			270,499	763	(65,244)	(129,090)	76,928
Pensions 8 Assistance		Fund	3,327	24,550	(24,622)		3,255
Safeguarding Fund			40,637	128			40,765
Fun draising			40 2,552,089	70,872	30,612	(258,665)	40 2,394,909

		Forthe Year Ended	31December	2021
26	ENERALP RP FUND			2021		2020
				f		f
	Balance as at 1January			5,658,918		5,837,367
	Surplus/(Deficit) for the Year (after transfers)			436,084		(173,832)
	Net (Loss)/Gain on Investments			139,938		(7,505)
	Properties Introduced					2,888
	Balance as at 31December			6,264.949		6.668,928
27	ANALYSIS OF NET ASSETS BETWEEN	FUNDS
					Restricted
					Capital
		Unrestricted	Designated	Restricted	Endowment	Total
		Funds f	Funds f	Fundsf	Fundsf	Funds f
	Fund Balances at 31December 2021
	are represented by:
	Tangible Fixed Assets	84,162		164,500		248,662
	Investment Assets	3,693,833	1,756,578	148,669	4,021,645	9,620,725
	Net Current Assets	2,777,220	649,866	1,863,533	329,656	5,620,275
	Long Term Liabilities	(320,275)				(320,275)
		6,234,940	2,406,444	2,176,702	4,351,301	15,169,387
					Restricted
					Capital
		Unrestricted	Designated	Restricted	Endowment	Total
		Funds	Funds	Funds	Funds	Funds
		f		f	E	f
	Fund Balances at 31December 2020
	are represented by:
	Tangible Fixed Assets	62,645		164,500		227,145
	Investment Assets	3,566,534	1,570,676	132,935	3,617,911	8,888,056
	Net Current Assets	2,410,014	824,233	1,735,200	243,777	5,213,224
	Long Term Liabilities	(380,275)				(380,275)
		5658918	2,394,909	2,032,635	3861,688	13,948150

BEFORE UNREALISED GAINS
				2021	2020
Net income/(expenditure) for the reporting			period (as per
the Statement ofFinancial Activities)				1,221,237	(262,505)
Adjustments for:
Depreciation charges Realised (gains)/losses on investments Dividends, interest and rents from investments Loss/(profit) on the sale offixed assets				6,517 (841,114) (479,699)	6,454 60,319 (503,190)
(Increase)/decrease in debtors Increase/(decrease) in creditors Donations received for Endowment	Fund		Assets	(28,645) (195,993) (49,742)	31,647 162,170 (600)
Net Cash provided by/(used in) operating		activities		367439	505,705
Analysis ofcash and cash equivalents
Cash in hand Short Term investments				6,137,110	5,893,696
Cash held within investments				182,469	141,479
Total Cash and Cash Equivalents				6,319.579	6,935 175

						2021		2020
EMPLOYEES:						E		E
Staff Costs
Gross Wages	and Salaries					412,737		421,475
Redundancy	costs						0	6,599
Employers Nl						39,945		39,154
Other Pension Costs						56,822		58,902
						509,504		526,130
						2021		2020
The number ofemployees whose total			employee		benefits
(excluding employers		pension costs) purposes		was as follows:
660,000 - 670,000
						2021		2020
						E		f
The remuneration	for	Key Management	personnel		was	200.453		179,521
Average number	of persons employed:
Head Count							13	15
Full Time Equivalent							13	15

		2021	2020
		f	f
Within	One Year	8,030	8,030
Between two and five years		10,920	18,950
		18,950	26,980