BWRDD CYLLID ESGOBAETH TYDDEWI Ill i. CYFRIFON 2023 ACCOUNTS ST DAVIDS DIOCESAN BOARD OF FINANCE Visit our websiteforfvrther detoils.. www.stdavids.churchinwoles.or , Jb"ai j'il ESGOBAETHTYDDEWI DIOCESE ofsfDAVIDS owimfj 44ope
THE ST DAVIDS DIOCESAN 80ARD OF FINANCE REPORT AND FINANCIAL STATEMENTS Forthe Year Ended 31 December 2023 cOrENTs Page Trustees, Report 1-17 Auditors, Report 18-21 Statement of Financial Activities 22-24 Summary of Income and Expenditure Account and Statement of Changes in Equity 25 Balance Sheet 26-27 Cashflow Statement 28 Notes to the Accounts 29-57
THE ST DAVID5 DIOCESAN BOARD OF FINANCE TRUSTEES, REPORT For the Year Ended 31 December 2023 The Trustees are pleased to present their annual directors, report together with the financial statements of the charity for the year ending 31 December 2023 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purp05e5. The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charit(s governing document, the Companies Act 2006 and "Accounting and Reporting by Charitie5.' Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective from l January 20191 The Trustees, who are also Directors for the purposes of company law, present their annual report, together with the audited financial statements, for the year ended 31 December 2023. The directorsnrustees are one and the same and in signing as Trustees they are also signing the directors report sections in their capacity as directors. ThSs combined report satisfies the legal requirements for: Directors Report of a charitable company and Trustees Annual Report under the Charities Act 2011. OBJEcfivES AND A1VITIEs The principal activity of the charity is to promote, aid and assist the objectwes, work and business of the Church in Wales generally in the Diocese of St Davids. The key objectives of St Davids Diocesan Board of Finance's (the Board) are.. To ensure that there 15 sufficient revenue to maintain the level of Mission and Ministry for the Diocese To manage the Diocesan Portfolio of investments so as to achieve a balance between income and capital growth, without taking undue risk To manage the property owned by and vested in the Board To enable an efficient, profe55ional and administrative service across a range of administrative functions including..
management of trusts and other funds held by the Board organisation of Board Meetings and Diocesan Committees maintenance of databases, management information and legislative compliance provision of advice and support on a range of issues
THE ST DAVIDS DIOCESAN BOARD OF FINANCE TRUSTEES, REPORT For the Year Ended 31 December 2023 For 2023 the main objectives were: Fund Performance - To make an asset return in accordance with the % agreed with the Board's Investment Advisers and which compared favourably against agreed benchmarks. Re5erves- To maintain the agreed level of reserves in the Unrestricted General Fund. Financial Stabi1Sty- To continue to ensure fi'nancial stability and enable the cost of Ministry to the Diocese. DI0$an Strate8y- To liaise with the Bishop and his senior staff. to assist with the implementation of the Diocesan Strategy which will respond to the current financial. economic and ministerial challenges being faced by the Church and meet the needs of the Diocese. The short-term objectives of the Board are as stated above. In the long term, the Board is mindful of ensuring that the ministerial and structural changes proposed in the Diocesan Strategy reflect current thinking. PUBLIC BENEFrr The Trustees are aware of their responsibilities in ensuring that the Board delivers identifiable benefits to the public in accordance with established objectives and permitted activities. They have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing their aims and objertives and in planning their future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. An amount has been ommitted towards funding projects associated with Social Responsibility in the wider community. GFL4NT MAKING POLICIES All grants made are agreed by the Board. ACHIEVEMENTS AND PERFORMANCE INVESTMENT PERFORMANCE
Diocesan Portfollo Performance Markets began the year on an upwards trajectory. The sudden collapse of Silicon Valley Bank ISVBI in the US, however, shook global markets and sent equities around the world plummeting. Two more regional U5 banks followed, and the Swiss National Bank forced Credit Sui5se to merge with UBS. The setbacks highlighted the growing stress in the financial sector caused by rapid interest rate rises over the prior year. Much of 2023 was dominated by concerns over hi8h inflation, rising interest rates, and weaker)ing economic growth, all of which helped rattle market nerves throughout the summer months. The fixed income market also witnessed a significant downturn, marked by long-term US government bond yields reaching levels not witnessed in 15 years or more. The surge in bond yields triggered market turbulence, impacting everything from real estate to equities.
THE ST DAVIDS DIOCESAN BOARD OF FINANCE TRusfEES' REPORT For the Year Ended 31 December 2023 Markets bounced back strongly towards the end of the year, however, driven by belief the key central banks had stopped raising interest rates. The Fed and the UK central bank both voted to kept interest rates on hold from September onwards, providing investor5 Wlth confidence that the cycle of rate increase5 had come to an end. Gains were further compounded on the news of lower-than-experted inflation on both sides of the Atlantic. The stock market rally continued in December, with the S&P 500 hitting a high for the year. Return5 through the year were unusually concentrated, however, with the majority of companies underperforming the benchmark, and just a few mega-cap US technology companies driving equity markets, bolstered mainly by a burst of optimism about breakthrou8hs in Al technology following the popularity of OpenAI's ChatGPT 50ftware. UK equities ended the year up just 7.9%, although the lack of technology exposure meant they lagged overseas equities, which were up 16.0%. Fixed interest investments also produced positive returns, with UK government bonds up 3.7%. The St David'5 Diocesan Board of Finance portfolio, which combines a range of asset classes, produced a total return of 6.30Yo. At the end of the year the portfolio was Worth £5,621,977 with a further £32,869 of cash held in a separately identifiable account.
Investment Property The investment property has been valued independently by a professional valuer at the open market value of the freehold land and buildings for investment purposes and it exceeds the historical cost by £1,634,672. If sold, there is no known taxation liability. Restricted Freehold Property The restricted freehold properties include one leased property and four former schools. The leased properties were valued in 2016 by an independent valuer, while the other four properties were valued by Directors/Trustees. SUPPORTING THE MIN15fRY Cle Stl end Levels 2023 2022 Assistant Curate Incumbent and Vicar in Rectorial Benefice Rector of Rectorial Benefice Residentiary Canon Archdeacon Dean 23,089 27,164 28,522 31,239 41,561 42,104 21,990 25,870 27,164 29,751 39,581 40,099 The Board received a grant towards the Cost of Ministry from the Representative Body.
THE ST DAVIDS DIOCESAN BOARD OF FINANCE TRUSTEES, REPORT For the Year Ended 31 Dember 2023 Up to 31 December 2006, the Representative Body funderj the total cost5 of clergy pensions. thereafter the cost of current clergy pension contributions has been met by the Board. Halfway through 2021 there had been a change of policy where the pension costs for the last two qijarters of 2021 were netted off against the block grant received from the R8. The Representative 8ody carried out a clergy pension review in 2020, which resulted in a reduced contribution of 36.5% from 38.8% of stipends. The Board continues lo meet the costs of ministerial training in conjunction with the Representative Body. The number of stipendiary clergy posts within the Oiocese at 31 December 2023 was 78. The Board received the following support from the Representative Body..
Administration of payment of Council Tax on Parsonages ITSupport Administration of Stipends Advice on statutory duties e.g., Rent Smart Wales, Data Protection Safeguarding FINANCIAL REVIEW OVERALL FINANCIAL POSITION The results for the year are shown on pages 21 to 23 in the Ststement of Financial Activities. The excess of income over expenditure in respert of Unrestricted General Funds amounted to £285,476 which after adjustment for realised gains/l1055es1, the decrease to market value and transfers, resulted in a deficit of £122,598. The Board received a grant from the Representative Body towards various purposes amounting to £400,00012022'. £368,070). The Board also received £598,926 Structural Resilience Funding from the Representative Body. The other principal source of funding was Ministry Share amounting to £3.582,054. RESERVES POLICY The Trustees re8ularly review the reserves of the Board as a matter of policy. Reviews encompass the nature of the income and expenditure stream,. the need to match variable income with fixed commitments,. and the nature of the reserves. Unrestricted General Reserves The Board has concluded that its reserves should be a minimum six months of Unrestricted General Fund expenditure to enable it to meet its short-terrn financial obligations in the event of an unexpected revenue shortfall. The total Unrestricted General Funds have decreased from £5,549,897 to £5,427,300. These reserves include an Investment Property Reserve Fund amounting to £1,678,765. The reserves held equates to more ten months reserves.
THE ST DAVIDS DIOCESAN BOARD OF FINANCE TRUSTEES, REPORT For the Year Ended 31 December 2023 Deslgnated Funds The Trustees may, with the approval of the Board, designate additional unrestricted reserves to be retained for an agreed purpose where this is considered to be prudent. The designated reserves are reviewed on an annual basis and returned to the Unrestricted General Funds in the event that there is no jLJStification for their retention. A description of each fund together with its intended use is set out in Note 25. At the 31 December 2023, the total Designated Funds were £2,232,234 12022: £2.186,1091. Restrlcted and Endowment Funds As set out in Notes 23 and 24 the Board holds and administers several Restricted and Endowment Funds. At 31 December 2023, Restricted Income Funds amounted to £2,189,785 12022: £2,188,134) and Restritted Capital Permanent Endowment Funds amounted to £2,888,57412022: £2,830,052). None of these fund5 are available for the general purposes of the Board. PRINCIPAL RISKS AND UNCERTAINMES The Trustees are responsible for the identification, mitigation and/or management of risk. To achieve this, a register of all risks identif led is maintained and, alon8side it, a management and mitigation strategy formed. This is reviewed regularly by the Trustees with the responsibility for delivery of the mitigation strate8ie5 identified by it, delegated to the Diocesan Secretary. The Risk Re8lSter has identified four areas where the risk of either failure to act or the impact of the events is considered 'high'. These areas and associated mitigation strategies are.. Under Collection of Ministry Share
Arrears are reported qLsarterly and monitored by the Ministry Share Committee whlch reports to the 803rd. In addition, arrears are brought to the attention of the Archdeacon5 and the Stewardship & support Officer ISASOI. The Diocesan Stewardship and Support Officer wlth the involvement of the Archdeacons, contacts a Parish to discuss arrears or concerns regarding the payment of Ministry Share and assists in reviewing the accounts and procedures and draws up a recommendation report. A provision is made in the accounts for overdue Mlnlstry Share which has a significant risk of proving uncollectable. The covid pandemic and rising cost of living has caused an increase in the number of churches now in arrears on their ministry share contributions. The level of provision has been increased in the 2023 accounts from £897,187 to £1,515,143 to accommodate the reduction in donations by parishes. For Ministry Share arrear5 see debtor note 20.
THE sr DAVIDS DIOCESAN BOARD OF FINANC TRUSTEES, REPORT Forthe Year Ended 31 December 2023 Under-Performance of Return on Investments
Ongoing monitoring by the Board's Investment Adviser IRathbonesl. Investment Sub Committee meet5 twice a year with the Board's Investment Adviser to discuss the Portfolio's performance. Non-Payment andlor Reduction of the Block Grant by the Representative 8ody Ensure that the condition5 of the Block Grant are complied with. Regular liaison and discussion with the Representative Body regarding any proposed changes. The Chairman and the Diocesan Secretary to monitor. Data Protection Appointment of a designated employee. Regular liai50n with the Board's legal 8dvisers. INVEsfMENT POLICY The Diocesan Portfolio is managed on a discretionary management basi5 by Rathbones. The objective is to place importance on total return rather than a specific return on income or capital appreciation in isolatlon. Investment Objectives The Board seeks to produce the best financial return without taking undue risk. The investment objective is to balance income and capital returns. The 3ssets should be managed to at least maintain the real capital value, whilst generatin8 a Sustainable level of investment income to support St Davids Diocesan Board of Finance activities. Where po55ible, the value of the assets should be enhanced as to at least keep pace with inflation over the longer term. The Board adopts a total return approach to investment, generatin8 the investment return from incorne and capital gains or losses. It is expected that if in any one year the total ieturn is insufficient to meet the budgeted expenditure, in the long term the real value of the Board investments will still be maintained in accordance with the above investment objective. Rathbones had changed the benchmark against which performance is measured to a bespoke benchmark from the FTSE to the WMA balanced index,. due to it is volatility.
THE sr DAVIDS DIOCESAN BOARD OF FINANCE TrUSTEEY REPORT For the Year Ended 31 December 2023 Rlsk The overall investment direction is to maximise the return consistent with the risks that the Board is willing to accept. The Board recognizes that risk li.e. the potential for variability of asset values) and the potential of loss in purchasing power (due to inflation) are present to some degree with all types of investment vehicle5. The Board has accepted a medium degree of risk. The Trustees will tolerate volatility of the capital value, as long as the Board is able to meet its short- term expenditure commitments. The portfolio is diversified so as to provide reasonable assurance that no single class of investment will have a disproportionate impact on the total portfolio. Assets classes could include cash, bonds, equity, property, private equity, commodities and any other asset that is deemed suitable, bearing in mind the ethical restrictions. Bonds and equities must be quoted on a recognised investment exchange and unit trusts and open-ended investment companies authorised under the Financial Services and Markets Act 2000. In order to meet its objective, the Board has determined the following range of asset splits.. Cash Fixed Interest Equities 0%.7% 15%- 39% 53%- 80% Within the equity allocation, overseas holdings are permitted up to 50%. A8set mix may be changed from time to time, strategically or tactically, based on the economic and securities markets outlook, as well as income requirements and the Chairman and Vice Chairmen of the Board of Finance may, if considered appropriate. alter the above range of asset split to react to market forces. The overall risk level of the assets in terms of potential for price fluctuations Should not be extreme. The Investment Sub-committee is responsible for identifying and monitoring suitable investment managers on a regular quinquennial basis. The basis of the investment managers remuneration will be that detailed at the time of their being appointed investment managers. The advisors understand that reasonable notice should be provided to the Trustees in the event of the investment manager5 amending its fee and commission regime. The base currency of the investment portfolio is Sterling.
THE ST DAVIDS DIOCESAN BOARD OF FINANCE TRUSTEES, REPORT For the Year Ended 31 December 2023 Llquidity Requirements Investment funds are generally not disinvested, their aim is to provide income and capital growth. Money that is likely to be required at short notice is held by the investment advisers and not included in the main portfolio. The Portfolio should not hold any significant amounts in cash unless requested for a specific project. Monies can Only be incorporated into the main portFolio on l of January, l of April, l of July and I of October in any one year. Income that has accrued in each month 15 to be transferred to St Davids Diocesan Board of Finance Legacies bank account within 30 days of the respective month end. me Horizon The Board is expected to exist in perpetuity and investments should be rnanaged to meet the investment objective and ensure this sustainability. The Board has adopted a long-term investment time horizon. Ethical Investment As a Christian Church, the Diocese seeks to co-operate with God's active presence in the world and with proclaiming the values of the kingdom of God. This means that the Church has a particular interest in promoting all that furthers justice and peace, that enables full human flourishing, that honours creation and that builds creative human commLJnities. The Church in Wales wishes to have an investment policy that is ethical and consistent with the f urtherance of its aims and objectives. The Board believe that it is entirely appropriate and possible to operate such a policy alongside the requirement to achieve the best returns from investments, and to use investments as an ethical mearks of contributing to the cost of ministry and mission in the Province. The Trustees aim is to invest in successful companies which are committed to developing their business in the interests of their shareholders, customers, local communities and employees by operating.. Responsible employment practices. Conscientious corporate governance. Policies and practices which demonstrate a proper regard for the environment and for the well-being of the created order. Policies sensitive to the human rights and well-being of individuals and communities in which they operate. Fair trading practices.
THE DAVIDS DIOCESAN BOARD OF FINANCE TRUSTEES, REPORT For the Year Ended 31 December 2023 In Its policy for investment, the Church in Wales will use its best endeavours not to be associated with companie5 whose products or policies conflict with these aims or to invest in companies which-. Are responsible for the wanton despoliation of the environment. Are responsible for anything that threatens peace, security and communal well-being. Exploit, demean, corrupt or degrade humankind, especially the poor or the financially vulnerable. Are indifferent to the well-bein8 of animals. The Board recognise the complexitie5 surroundingthe actNities or companies in which it may invest and reserves the right to make investment decisions on a ca5e-by-case basis. The Board will endeavour to engage with companie5 which are in actual or potential breach of this policy or where concerns exist over environmental, social and governance issues before considering dlsinve5tment. The Church in Wales W15he5 to be a well informed and responsible investor, and to this end is represented on the Church Investors Group, which is a mean5 of accessing research, obtaining reliable information, sharing best practice with other member organisations and exercising combined shareholder influence. A valuable relationship exists between the Investment Committee and the Church in Wales Ethical Investment Group to which the Committee refers problematic cases, and from which it receives an annual report. The Diocese of St Davids fully concurs with the policy of the Church in Wales as referred to above. It is Board policy to not normally or knowin8ly to invest in any company.. Which derives more than IO% of turnover frorn a primary focus on gambling, or the production or sale of alcoholic beverages or tobacco products; Which derives more than 5% of turnover from pornography, predatory lending activities or the proliferation of armaments- Which derives more than 5% of turnover from the production or the extraction of fossil fuels.
THE ST DAVIDS DIOCESAN BOARD OF FINANCE TRUSTEES. REPORT For the Year Ended 310ecember 2023 Mar)agement, Reportlng and Monltortng The Board has appointed a professional investment management firm to manage the a55ets on discretionary basi5 ir) line with this policy. They are required to comply with all applicable laws, rules and regulations. The investment manager provides custody of assets. They are required to produce quarterly valuation and performance reports encompassing the following.. A list of all investments held, together with their respective book costs, current market value and estimated income and yield. A performance analysis for the period tovered by the report Iquarterlyl. A Transaction Schedule detailing both purchases and sales. Detai15 of any non-market transactions and rights issues, capitalisations or other corporate actions. A detailed review of the market environment for the period including specific comment on the individual holdings in the portfolio and any other economic considerations that are relevant. The Board's Investment Sub Committee is responsible for agreeing str3tegy and monitoring the investment assets. The Sub Committee meets six times a year to authorise any withdrawals and incorporations and to review the Portfolio, including an arbalysis of return, risk and asset allocation. Performance will be monitored against ègreed benchmark (Rathbones bespoke benchmark). The investment rnanager is required to be present at two of the Investment Sub Committee's meetings. In addition to complying with the Specific requirements detailed in the investment policy statement the investment manager must pay heed to the general power of investment embodled in Settion 3 of The Trustees Act 2000. All investments should be suitable and overall constitute a degree o* diversification as required by Section 4 of the Trustees Act 2000. The Investment Sub-committee is to report formally to the Board's Executive Committee. PLANS FOR FUTURE PERIODS The Board is considering the following short to medium term issues.. Charities Act 2011 The Board 15 aware of the implications of this legislation on individual parishes and, in conjunction with the Representative Body of the Church in Wales, is advising 2nd assisting parishe5. Currently only those parishes with an income in excess of £IOO,000 have had to register. Parishe5 Wlth an income below £IOO,000 continue to be excepted and do not need to register with the Charity Commission and this temporary exemption has been extended until 31 March 2031. Land Registration Any land identified as being held by the Board will be registered with the Land Registry as a matter of policy. The Board continues to proactively identify the basis on which it holds the land/property e.g. as custodian Trustee. whether it is subject to a reverter or owned by the Board. io
ThE sr DAVIDS DIOCESAN BOARD OF FINANCE TRUSTEES, REPORT For the Year Ended 31 December 2023 Ministry Share To endeavour to contain the increases of Ministry Share to ensure that it is sustainable and collectable and to monitor the level of arrears. Dlocesan Strategy The Bishop of St Davids and the Board work together to create and implement a 5trate8y for the Diocese which will respond to the current financial and economic challenges being faced by the Church and meet the needs of the Diocese. Data Protectlon The Board continues working to identify and ensure that within the Diocese, all information/data held 15 in compliance with the Data Protection Act and General Data Protection Regulation. STRUCTURE GOVERNANCE AND MANAGEMENT The Board 15 a re81Stered charity and a company limited by guarantee. MEMBERSHIP- cOMPOS10N Members of the company are appointed for a three-year term. Following adoption of the revised Articles of Association, the membership of the Board consists Of:
The Bishop Chairman (Appointed by the Bishop) Eight Ex-officio Members (the Dean, Archdeacons, Chair of Parsonage Board, Diocesan Director of Education & Diocesan Registrar) Six Nominated Lay members (two from each Archdeaconry Three Elected Lay members lone from each Archdeaconryl Three Nominated Clerical Members lone from each geographical Archdeaconryl Four Co-opted Members lof which only one can be a cleric MEMBERSHIP- INDUCTION ANDTRAINING The Board has provided training for its members appropriate to their dutie5 both as Charity Trustees and as members of one of the Diocesan Committees and is developing a programme of continuing professional development. COMMrrrEES The St Davids Diocesan Board of Finance has the following Committees. Executive Commlttee The Executive Committee is responsible for the management of the Diocesan finances and a55ets. Parsonage Board The Parsonage Board is responsible for the maintenance of all parsonages, their upkeep and repair and for buying and selling parsonages, as appropriate. li
THE 5r DAVIDS DIOCESAN BOARD OF FINANCE TRUSTEES, REPORT For the Year Ended 31 December 2023
Endowed Schools Commlttee The Endowed Schools Committee is a statutoiy committee and is responsible for providing financial support towards repairs and renovation projects in church schools, the direction of new projects and the management/disposal of redundant school properties. Investment SulFCommittee The Investment Sub-committee, with advice from the Board's Investment Advisers, is authorised to take all decisions necessary to manage the investments of the Board within the strategy and policies of the Board. Ministry Share Appeals Committee The Ministry Share Appeals Committee is responsible for administering the"Appeals Procedure" for Ministry Share Allocation. The Committee may, at its discretion, where historic Ministry Share arrears exist, but not as a result of former appeals to the Committee or submission of incorrect statistics returned, entertain a submission. to consider the historic clrcurY5tances that have given rise to the arrears. Human Resources Sub-commlttee The Human Resources Sub-committee is responsible for developing policies and procedures for lay staff, in line with the current legislation and good practice. Its remit cover5 the consideration of staffing levels at the Diocesan Off ice and the salarie5 of lay staff. Audit and Risk Committee The Audit Committee 15 responsible for reviewing the internal contro15 of the Board and reporting to the Executive Committee any matters which have been raised by/discussed with the Board's Auditors following completion of the anriual audit. The Committee also regularly reviews the Board's Risk Register, as well as matters relating to compliance and governance. Property Sub-commlttee The Property Sub-committee is responsible for the management of the Board's investment properties, properties held as custodian Trustee and overseeing the strategic planning of the property Portfolio. Flnance Committee The newly formed Finance Committee is responsible for monitoring the current budget and planning for future budgets and expendlture. It looks at both the quantitative and qualitative impact of aspects of Diocesan Life- it also plans for long term budgetary requirements. It is also responsible for monitoring the current leve15 of arrears in Ministry Share and looking at ways these can be recovered. The committee actively engages with churches through the Loc31 Ministry Area, Stewardship and Support Officer and the relevant Archdeacon. It also looks at how the Diocesan Board of Finarbce 3pplies theology to its financial practices and priorities looking at areas such as stewardship and giving. The group also looks at how the Board then communicates with the wider Diocese ensuring clarity of message, conslstency of language and the channels of communication that best suit the local churches and their officers. 12
ThE ST DAVIDS DIOCESAN BOARD OF FINANCE TRUSTEES, REPORT For the Year Ended 31 December 2023
Grants Committee The Grants committee oversees the Local Ministry Area Initiative Fund Grants, in line with the Diocesan strategy for Growth, as well as small grants relating to Children and Youth work. Crfsls Mana8ement Commlttee (CMC) The Crisis Management Committee was set up in order to provide the Board with the ability to make quick decisions as a result of the Global Pandemic and deliver business continuity. It comprises the Bishop, Chair, Archdeacons and the Chairs of all Board Committee5. The CMC has been given delegated powers but reports to the full Board, its terms of reference are renewed every 6 months. Initially the CMC met fortnightly but hasn't met in 2023. Centres of Mlsslon Flnanclal Oversight Commlttee ICOMFOCI This committee was created to look at the financial impact of the Diocesan Evangelism Bid on the Board through its financial commitments. It provides audit and scrutiny reporting to the Audit & Risk Committee and the full Board. All committee remits were reviewed and revised in 2021. REFERENCE AND ADMINisfRAmVE DAlL5 Name The St Davids Diocesan Board of Finance Company Registration No 242794 Charity Registration No 231239 Registered Office DioCen Office Abergwili Carmarthen SA312JG Telephone Number 01267 236145 TRUSTEES I DIRECTOKS The TrusteeslDirectors of the Executive Committee of the Board who served in the year to which thi5 report relates are= MrsHALEvans Mr N Roberts Mr T J Llewelyn The Right Reverend Dr J S Penberthy The Bishop of St Davids The Right Reverend D P Davies The Bishop of St Davids Chairman Vice Chaimian Vice Chairman President IResigned 311071231 President (Appointed 291111231 13
THE ST DAVIDS DIOCESAN BOARD OF FINANCE TRUSTEES. REPORT For the Year Ended 31 December 2023 Ex-offlclo The Very Reverend Dr S C Rowland Jones The Venerable D P Davies The Venerable R H E Davies The Venerable P R Mackne5S The Venerable M A Farah Mr N Roberts MrA B C Davies Revd J R Cecil (Resigned 29/111231 Chairman of the Parsonage Board Diocesan Registrar Diocesan Director of Education
Dlrectors Mr N J Evans Mr D G Jones Mrs J A P Hayward Mr DWJ Thomas Revd Canon Dr M A R Hill Revd R W Maskell Revd S A Brett Mrs M Hughes Professor A G Henley Mr l D Evan5 Mr P M Hughes IResigned 18106/231 (Resigned 181071231 (Appointed 181071231 (Appointed 181071231 (Appointed 07111/231 (Appointed 07/11/231 (Appointed 071111231 OTHER OFFICERS Diocesan Secretary Mr H N Llewellyn Solicitor5 Carreg Law Limited 2 King Street Llandeilo SA19 6AA Bankers Lloyds Bank plc 43 King Street Carmarthen SA31 IBW Investment Advisers Rathbones I Curzon Street London WIJ 5FB Auditors Clay Shaw Butler 24 Lammas Street Carmarthen SA313AL 14
THE sr DAVIDS DIOCESAN BOAJID OF FINANCE TRUSTEES, REPORT For the Year Ended 31 December 2023 KEY MANAGEMENT PERSONNEL The key management personnel of the Board at the year-end were Mr H N Llewellyn (Diocesan Secretary), Mrs N M Evans (Finance Manager) and Miss E R O'connor IAdmin and Property Manager). The remuneration of the key management personnel 15 set in line with the Pay and Grading structure adopted in 2012. The relationship between the Board and related partles is detailed in Note 35 to the accounts. RISK MANAGEME1 RISK REGISTER The Board has a risk register which identifies the major risks to which the Board 15 exposed,. the scope of the risk,. and identifies the systems and procedures which have been established to mana8e and mitigate those risks. This is currently under review. The Board considers that the principal risks are the non-collection of Ministry Share,. any variarlce in the agreed level of the Representative Body grant and a potential under-performance of the return on investments. FUNDS HELD The Board also holds investments and land and buildings as Custodian Trustee. The Board has commenced work to identify all those assets held as Custodian Trustee, The Trustees have identified the risks associated with each type of asset and have put in place a series of control measures which safeguard the assets. These controls are regularly tested and updated or amended accordingly when considered nece55ary. PERMANENT ENDOWMEPTh INVEsfED ON TOTAL R uRN BASIS Details of this Fund are included in Note 23 to the accounts. TRADING COMPANY St David5 Diocesan Board of Finance has passed a resolution to set up a trading company - St Davids Diocesan Board of Finance {Propertyl Limited. All Trustees Idirectorsl of the St Davids Diocesan Board of Finance are directors of the trading company, the Property Committee will act a5 a management committee. The matter of drawing up a lease for the properties concerned is currently with the Board's Solicitors. COVILk19 PANDEMIC St Davids Diocesan Board of Finance is now worklng in a 'post-COVID' environment in which e.g. difficulties of staff retention and recruitment,. cost of living and fuel cost increases, have created a very different working environment both directly for the Board and the churches of the Diocese. As forecast in the last Trustees Report there continues to be both short and lon8 term operational and financial difficulties never before experienced. 15
THE ST DAVIDS DIOCESAN BOARD OF FINANCE TRUSTEES, REPORT For the Year Ended 31 December 2023 The pandemic and its consequences has had direct and indirect effects on Financial Management and Operations , including.. Lack of staffing resilience and continLJed hybrid working. Corbcern at the expectations for the Investment Markets given the potents'al knock-on effect on investment income and the level of reserves available to the Board. Reduced Ministry Share receipts as churches and their congregations sustain increases in costs . The Board continues to operate effectively through its committees with meetings being a mix of in-person, hybrid and Zoom. If the event of .. Income from Churches reducing or ceasing, No additional 'central' funds being received e.g. through the Representative Body of the Church in Wales funds for Structural Resilience and Church Growth,or Investment income dropping or reserves not being accessed, the Board can remain solvent for a period of 6 months. PROPERTY DAMAGE On the 10 Ortober 2022, Manorbier School had caught fire. All Children, teaching personnel and contractors were evacuated safely from the site. The fire also spread to the Schoolhouse. The tenants were not at home at the time of the incident. The Schoolhouse sustained significant damage and the property is considered structurally unsafe. The tenants are residing in temporary accommodation. Negotiations are ongoing with Insurance providers11055 adjusters) and the County Council. It is unclear at this time whether the property will be able to be reinstated. MANAGING FINANCIAL IMPAcf GOING FORWARD The Board was extremely fortunate to have received substantial support from the Representative Body of the Church in Wales IRBI in form of Structural Resilience Grants and. A more forensic review of expenditure to identify areas of savings had been carried out. Identifying to what extent should Reserves be used. As part of its on8oifbg financial planning and budgetin8 the Board is constantly exploring ways to create new arhd alternative income generation sources. 16
THE ST DAVIDS DIOCESAN BOARD OF FINANCE TRUSTEEg REPORT For the Year Ended 31 December 2023 STATEMENT OF TRusfEES' RESPONSIBIUMES The Trustees Iwho are also director5 of St. Davids Diocesan Board of Finance for the purposes of company lawl are responsible for preparing the Trustees, Report (incorporating the director5, report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Flnancial Reporting Standard 102: The FinonciGI Reporting Stondard applicoble in the UK und Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel. Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. select 5Ultable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgments and accounting estimates that are reasonable and prudent. prepare the financial Statements on the going concern basis unless it Is inappropriate to presume that the charitable company will continue in busines5. The Trustees are re5pon5ible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safe8uarding the assets of the charltable company and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. there is no relevant audit information of which the Charitable Company's auditors are unaware.. and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditor5, Clay Shaw Butler, Chartered Accountants, have indicated that they are willing to be re- appointed at the forthcoming Annual General Meeting. BY ORDER OF THE BOARD HAZEL EVANS- CHAIRMAN Date= 2oiLÈ 17
THE sr DAVIDS DIOCESAN BOARD OF FINANCE INDEPENDENT AUDfTORS' REPORT TO THE MEMBERS OF THE ST DAVIDS DIOCESAN BOARD OF FINANCE Opinlon We have audited the financial statements of The St Davids Diocesan Board of Finance (the 'charitable company'l for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the 8alance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. 8asls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standard5 are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulf illed our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to goln8 concern In auditing the financial staternent5, we have concluded that the trustees, use of the going concern basis of accounting 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Informatlon The trustees are responsible for the other information. The other information comprise5 the informatiorb included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 18
THE ST DAVIDS DIOCESAN BOARD OF FINANCE In connertion 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 with the financial Statements or our knowledge obtained 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 this gives rise to a material misstatement n the financial statements themselves. If, based on the work we have performed, we conclude that there is a rnaterial mi55tatement of this Other information, we are required to report thot fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified materi31 misstaternents in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. dequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns,. or certain disclosure5 of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to take advantage of the small companies exemption frorn the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responslbllltles of trustees As explained more fully in the Statement of Trustees, ResponsSbilltles, the trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisf led that they give a true and fair view, and tor such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparin8 the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountin8 unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our 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 misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstaternent when it exists. Misstatements can arise from fraud or error and 19
THE ST DAVIDS DIOCESAN BOARD OF FINANCE are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basi5 of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Extent to which the audit was considered capable of detecting irregu12rities, ir)cluding fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtainlng audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identifying and 85sessin8 Potential risks related to irre8ularltles In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following.. the nature of the industry and sector, control environment and business performance including the design of the Charity's remuneration policies, key drivers for directors, remuneration, bonus levels and performance targets,. results of our enquiries of management about their own identification and assessment of the risks of irregula rities,. any matters we identified having obtained and reviewed the Charity's documentation of their policies and procedures relating to.. identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance,. detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud,. the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; the matters discussed among the 2uditengagement team regarding how and where fraud might occur in the financial statement5 and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAS IUKI, we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those law5 and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in thi5 context included the Companies Act 2006, FRS 102 Charity SORP. In addition, we considered provisions of other laws and regulations that do not have 3 direct effect on the financial statements but compliance with which may be fundamental to the Charity's ability to operate or to avoid a material penalty. These included compliance with Health and Safety Legislation, Employment Legislation and Data protection laws lincluding General Data Protection Regulation IGDPRI Audit response to risks identlfled 20
THE sr DAVIDS DIOCESAN BOARD OF FINANCE As a result of performing the above, we identified revenue recosnition as a key audit matter relatod to the potential risk of fraud. Our procedures to respond to risks identified included the following.. reviewing the financial statement disclosures and testing to 5UPPOrting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effert on the financial 5tatements,' carrying out W31kthrough, transactiorb testlng or proof in total on all material income and expenditure streams,. enquiring of management concerning actual and potential litigation and claims: performing analytical procedures to identify any unusual or unexpected relationships that may inditate risks of material misstatement due to fraud- reading minute5 of meetings of those charged with governance and the Senior mana8ementteam- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments.. assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluatin8 the busine55 rationale of any significant transattions that are unusual or outside the normal course of business. We also communicated relevant identified laws, regulations, and potential fraud risks to all engagement teèm members and remained alert to any indications offraud or noncompliance with laws and re8ulations throughout the audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsrespon5ibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made 501ely to the charitable company's members, as 3 body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Mrm Jones FCA CTA15enior Statutory Auditor) for and on behalf of Clay shaw Butler Limited Statutory Auditors and Charteied Accountants 24 Lammas Street Carmarthen Carmarthenshire SA313AL Date.. 21
THE sr DAVIDS DIOCES4N BOARD OF FINANCE STATEMENTOF FINANCIALACTIVITIES For the Year Ended 31 Deceffthr 2023 Restrfcted Totsl Capitsl Pemianent Endowment Funds 2023 Generdl Funds D8sl8nated Funds Income Funds Funds 2023 2023 2023 2023 INCOME AND ENDOWMEKfs FROM: Donations and Le8ades 4,603.480 5,795 384,663 4,993.938 Chgrftsble Actmtles 27,130 27,130 InVeStrTrts 137,599 57,334 268,680 61,780 525,393 Other Sources 14.103 1,233 48.IS3 63.489 TOTAL 4,782.312 64.362 61,780 5,609.950 2022 2022 2022 2022 2022 INCOME AND ENDOWMEiifs FROM.. Donat10 and Le8acles 4.245,127 2,269 350.638 48 4,598.082 Charltable ktmtles 28,967 28,967 Investments 144.317 73.919 266,868 78,171 563.275 oiher &)urces 11,799 23.927 35.726 TOTAL 4.430.210 76,188 64L433 78,219 5,226,050 22
THE ST DAVIDS DIOCEW4 BOARD OF FINANCE ATEmE1 OF FINANCIALAcnwMES For the Year Ended 31 December 2023 Unre5trtLtad Restrfcted Totsl Captsl Permanent Endowment Funds 2023 Generdl Funds Deswnated Funds Ineome Funds Funds 2023 23 2023 2023 EXPENDuRE ON: Ralsln8 FuThJs 6,468 9,446 1,870 16,544 34.328 Charftsbl8A¢tMtle5 Supportfor Ministry 3,368,868 53,034 997,515 4,419.417 Support for Parlshes 779.414 57,330 47.779 884,523 Church Property io 93,244 77.158 170.402 Other Financial Support li 201,840 201,840 Communication 12 47,001 47,CQl Other 13 720 564 229.296 230580 TOTAL 4,496.835 030 1,124,886 245.840 5.988.091 2022 2022 2022 2022 2022 EXPENtMTURE ON: RaIsI Fund5 6,722 9,817 1.713 20,392 38.644 Charltable Actmtles Supportfor Mlnlstry 3.228,535 50,277 898,135 4.176.947 Support for Parlshe5 1,102.137 47.109 IB,589 1,167,835 Church Property io 101,039 94,394 195A33 Other Financial Suppvrt li 163.568 163568 CommunItIon 12 44,956 44,956 13 140 1,187,711 L187ASI TOTAL 4,646,957 107343 1,012,831 L208.103 6,975234 23
THE ST DAVIDS DIOCESAN BOARD OF FINANCE STATEMEwf OF FINANCIAL ACMVITIES Forthe Year Ended 31 December 2023 Unrestrfcted Restrfcted Totsl apllal Pern)8nent Endowmert General Funds OesJ8nated Fund5 Income Funds Fuvwjs Funds 2023 2023 2023 2023 2023 NET INCOME IIEXPENDITUREI BEFORE ImlESTME GAINS 285,477 156,1681 1423,3901 1184.0601 1378,1411 NEf ILOSSESI ON INVESfMEwrs 18 42,586 62.191 3.775 253,289 361,841 NEf INCOMVIEXPENWURE) 328,063 6,023 1419,6151 69.229 16.3001 TRANSFEPS BEEN FUNDS 24125 1450.6601 40,101 421.266 110,7071 NEf MOVEME IN FUNDS 1122,5971 46,124 1,651 58,522 116,3001 Totsl Funds Broutht For¥Rrd 5.549,897 2,186,109 2.188.134 2,830.052 12,754,192 TOTAL FUNDS CARRIED FORWARD 5A27.300 2,232,233 1189,785 1888.574 11737,892 2022 2022 2022 2022 2022 NET IoME IIEXPENDFfuRE} BEFORE INVESTMENT N$ 1216.7471 131.1551 1371.3981 11,129.8841 11,749.1841 NGAINs ON INVE5fMENTS 18 1111.7331 1163,1711 19.9381 1381,1691 1666,0111 NEf INCOMV(£QENDrruREI 1328,4801 1194.3261 1381.3361 11,511,053) 12,415,1951 TRANSFERS BEN FUNDS 24125 1356,5631 126.Li191 392,768 110,1961 NET MOVEME1 IN FUNDS 1685,0431 1220.3351 11,432 11,521,249) 12.415,1951 Totsl Funds Brow Forward 6,234,940 2,406.444 2,176,702 4,351,301 15,169.387 TOTAL FUNDS CARRIED FORWARD 5.S49.897 2.186,109 1188 134 2.830,052 12,754.192 24
THE ST DAVIDS DIOCESAN BOARD OF FINANCE SUMMARY OF INCOME AND EXPENDITURE Accou AND STATEMENT OF CHANGES IN EQUITY For the Year Ended 31 December 2023 2023 2022 Gross Income Iper SOFAI 5,609,950 5,226,050 Expenditure Iper SOFA) 15,988,0911 16,975,234) Operating IDe*icitl/Surplus For the Year 1378,1411 11,749,184) Reallsed 6alns on Investsnents Realised gainsllosses on Investment5 Realised gains on Investment properties Realised gains on fixed assets 132.6101 177.201 132,6101 1410,7511 177,201 11,571,9831 Unreallsed Galns on Investments Revaluation ILo5sl/Gain on Investment Propertv Vnrealised Gains/lLossesl on Investments Revaluation (Lossl on Fixed Assets Valuation of Properties Introduced 394,451 1843.2121 394,451 1843,2121 IDEFiantsuRPLUS FOR THE YEAR 116,3001 12.415,1951 None of the charity'5 3ctwitie5 were 3cquired or di5COntinued durin8 the above two fsnancial years. A ststement of flnancial activities Is shown on pa8es 21 to 23 to the financlal statements. 25
THE ST DAVIDS DIOCESAN BOARD OF FINANCE BALANCE SHEEf AS AT 31 DECEMBER 2023 Notes 2023 2023 2022 2022 Reststed Restated FIXED ASSETS Tangible Assets Investments 17 18 19 221,342 S,3.806 271.641 229,419 7,849,441 271,324 Lon8 term debtor5 8,496,789 8.350,184 CURRENT ASSFrs Debtors Cash at Bank and in Hand 20 375.267 5,408.751 327,943 6,001,684 S,784.018 11.276.640) 6,329,627 11,659.3441 CREDITORS.. Due Wlthln One Year 21 NET cURRENTsErS 4,507,378 4.670.283 TOTAL ASSETS LESS CURRENT LIABILMES 13,004,167 13,020.467 CREDITORS.. Due More Than One Year 22 1266.2751 1266,2751 NEfASSErs 12,737,892 12,754.192 FUNDS Restricied Capital Endowment Funds Restricted Income Fund5 Pesignated Funds Unrestricted Funds Invèstment Property Reserve Fund General Fund5 23 24 25 26 2,888,574 2,189,785 2,232,233 2,830.052 2,188.134 2,186,109 1,678,765 3,748.535 1,678,765 3,871.132 5,427,300 12,737,892 5,S49,897 12.754.192 26
ThE ST DAVIDS DIOCESAN BOARD OF FINANCE BALANCE SHEEfAS AT 31 DECEMBER 2023 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2022. although an audit has been carried oui under section 144 of the Charities Act 2011. The trustees acknowledge their responsibilities complying wf(h the requiiements of the Companies Act 2006 with respert to accounting records and the preparation of flnancial statements. The members have not required the company to obtaln an audit of it5 financial statements, under the requirements of the Companles Act 2006. for the year in question In accordance with Section 476. These financSal statements have been prepared In accordance with the provision5 applicable to cornpanie5 subject to the small cornpanies sime. The fsnancial statements were approved by the Trustees on HAZEL EVANS ICHAIRMANI NIGEL ROBERTS IDIRECTORI Company Reglstratlon Number 00242794 27
THE ST DAVIDS DIOCESAN BOARD OF FINANCE CASHFLOW STATEMENT For the Year Ended 31 December 2023 Note5 2023 2022 28 Net Cash prOded byllused inl operatin8 artlvltles 1804,6071 11,802,165) Cash flows from Investln8 actlvtlles: Dividends. interest and rents from invèstrnents Purchase of property. plant and equipment Proceeds from the sale of fixed assets Proceeds from the sale of investments Purchase of investments 525,393 563,275 110.1161 443,235 1616,CM)41 2.333,917 11,376,621) Net Cash provlded byllu5ed Inl Investing *Mtles Cashflows from financln8 actlvltles: ReIpt of endowmènt 352.624 1,510.455 48 Change In cash and cash equfvalents In the reportln8 period 1451,9831 1291,6621 Cash and cash eqUalents at the be8innlng of the reportlng perlod 28 6,027.917 6,319,579 Cash and cash eqUalents atthe end of the rep)rtlng perlod 5,575,934 6,027,917 The notes on pages 28 to 56 form part of the financial Statements 28
THE ST DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 December 2023 l Accounting Fdldes Charlty Infomatlon The charity is a private company limited byguarantee Incorporated in England and Wales. The registered office is DiDcesan Office, Abergwili, Carmarthen, Carmarthenshire, SA312JG. BASIS OF ACCOUNTING The financial statements have been prepared in accordance wlth the charity's governing document, the Companies Act 2006. FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of Ireland" I°FRS 102"13nd the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective l January 20191. The charity is a Public Entity as defined by FRS 102. The accounts are prepared in Sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention with the exception of freehold properties, which are included at their falr value, and fixed asset investments, whlch are included at their fair value at the Balance Sheet date. The principle accounting policies are as follows. Golng concem At the time of approving the financial statements. the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going conrn basi5 of accounting in preparing the financial statements. INCOME All income Is included in the SOFA when the charity is legally entitled tothe Intome, ultimate retelpt is probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Mlnlstry Share Minlstry Share is recognised as Income in the year in which it is receivable. LcleS Legacies are accounted for when received or, if before receipt, there is sufficient evidence to provide the necessary certainty that the legacy will be received and the value can be measured with sufficient reliability. Grants Re¢efvable The charity receives Erants from the We15h Government towards the building costs of church h0O15 and from the Representative 8ody of the Church in Wales towards the management costs of the Board of Finance. Grants are recognlsed In full in the SOFA in the year in which they are receivable. Investment Income Dividends and interest are accounted for as and when they are rèceivable. EXPENDuRE All expenditure is included on an accruals basis recognising when there is a legal or constructlve obligation to pay for expenditure. All costs have been directly attributed to one of the functional categories of resources expended in the SOFA with the exception of support costs which comprise management and administration costs. These have been apportioned Dver charitable activity expenditure on the basis of costs for each category 29
THE sr DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS Forthe Year Ended 31 December 2023 prior to the inclusion of support costs. The charity is not registered for VAT and accordingly expenditure is shown Bross of irrecoverable VAT. TANGIBLE FIXED ASSErs Land and Buildln8S Freehold property is included at its revalued amount as the Trustee5 are of the opinion that this gives an accurate reflection of its fair value, as it is the Trustees, policy to ensure these properties are fully Maintained. No depreciation is provided on freehold property, as the Trustees are of the opinion that these buildings are maintained in such a state of repair that their residual value is at least equal to their fair valLJe. A5 a result, the corresponding depreciation char8e would not be material and therefore is not charged in the SOFA. Leasehold premises are amortised over the term of the lease. Reverters Where on the disposal of properties held by the charity as Custodian Trustee. reverter5 exist, the proceeds of disposal, net of all costs and taxatlon, are remitted to the revertee. Investigation into the reverter status is made as and when such properties are returned to the custodian Trustee. Herage Assets The Board holds land and buildings as custodian TrLJStee and derives no financial benefit from these assets unless or until disposed of. Other properties held by the Board. which consist of church and school properties, are classified by the Trustees as heritage asset5 under the terms of SORP FRS 102. Following the publication of SORP FRS 102- section 18- Heritage A55ets. the Executive Committee of the St Davids Diocesan Board of Finance has reconsidered the nature of its heritage a55ets. Many of these properties were acquired without cost as a resLJIt of bequests or transfers and the Executive Committee does not consider it prartioal or appropriate to attribute any value to them in view of the significant costs involved in the recDn5truction or analysis of past accounting records and the onerous nature of the valuations compared with the additional benefit derived by users of the accounts. Expenditure whlch, in the Executive Committee'5 view, is required to prevent deterioration of these assets is recognised in the Statement of Financial Activities when it is incurred. Offlce Fumlture and Equlpment Office furniture and equipment 15 stated at cost less depreciation. Depreciation 15 provided at a rate calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives at 10% 33%% straight line. From l January 2010 It has been agreed that offlce furniture and equipment costing le5S than £l.000 will be written off in the year of purchase. INVEsfMENTS M3rketable investments are shown at fair value Ithèt is their middle market value) at the balance sheet date. The net surplus or deficit on revaluation during the year is pro-rated to the specific fund, based on the number of units, as a percentage of the total units to which the investment relates. Investment Propertles Investment property, which is property held to earn rentals and/or for capital appreciation. is initially recognised at cost, which includes the purchase tost and any directly attributable expenditure. Sltbsequently it is measured at fair value at the reporting end date. The Surplus or deficit on revalu3tiori 15 recognised in profit or loss. 30
THE ST DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANaAL STATEMENTS For the Year Ended 31 December 2023 CASH AND C4SH EQUIVALENTS Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investments with original maturities of three months or less. PENSIONS The Charity operates a defined contribution scheme for its employees. The fund5 of the defined contribution scheme are held in funds separatè to those of the charity in Sndependently administered funds. The pension cost charge represents the amount5 payable by the charity to the funds in respett of the year. EMPLOYEE BENEFrrs The costs of short-term employee benefits are recognised as i liability and an expense. unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recogni5ed in the period in which the employee'5 service are reived. Termination benefits are recognised immediately as an expense when St Davids Diocesan Board of Finance is demonstrably committed to terminate the employment of an employee or to provide termination benefits. BAD DEBTS A provision is made for debtor balances if amounts are deemed irrecoverable. Ministry share arrears not Settled post year end are provided for in full. TAXATION The Company is a registered charity and, as such, is entitled to certain tax exemptions on income and profits from investments. and surpluses on any trading activities carried on in furtherance of the Charivs primary objertives, if these profits and surpluses are applied solely for charitsble purposes. OPERAMNG LEASES Rentals applicable to operating leases where substantially all thè benefits and risk of ownership remain with the lessor are charged to the statement of financial activitie5 on a stralght Ilne basi5 overthe period of the le35e. FUND ACCOUNTING Funds held by the charity are.. Unrestricted General Funds- these are funds which can be vsed in accordance with the charltable objects at the discretion of the Trustees. Designated Funds- these are funds which h2ve been transferred from the Unrestricted General Funds to be used in accordance with the charitable objects at the discretion of the Trustees. Restricted Income Fund5- these are funds that can only be used for particular restrirted purposes within the objects of the charity. Restrictlons arose when specified by the donor or when funds are raised for particular restricted purposes. Restricted Capital Permanent Endowment Funds-these are funds which have been entailed over many years and relate in the main to funds held on behalf of parishes. Investment returns are released to the parishes, where applicable. When returns are not released. they are retained by the 803rd within this Fund. Any capital gains or losses arising on the investments form part of that fund. Investment management charges relating to the fund are charged against the fund. Further explanatlon of the nature and purpose of each fund is included in the notes to the accounts. 31
THE ST DAVIDS DIOCESAN BOARD OF FINAN NOTES TO THE FINANCIAL sfATEMENTS For the Year Ended 31 December 2023 Flnanclal Instruments The charity has elected to apply the provisions of Section Il'Basic Financial Instruments, ènd Section 12 '0ther Financial Instruments155ues' of FRS 102 to all of its financial instruments. Financial instruments are recogni5ed in the charr(v's balance sheet when the charity become5 party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a le8ally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslcflnanclal assets asic financial assets, which include debtors and cash and bank balances, are initialty measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective InteSt method unless the arrangement constitute5 a financing transaction. where the transactitsn is measured at the present value of the future recelpts discounted at a market rate of interest. Financial ass@ts classified as receivable within one year are not amortised. 8aslcflnanclal Ilabllttles Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value Df the future payments discounted at a market late of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at èmort15ed cost, using the effective interest rate method. Trade creditor5 are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilitie5 if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade Credito are recognised Initially at transattion price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of flnandal Ilabllltles Financial liabilities are derecognised when the charitls contractual obligations expire or are discharged or cancelled. prtor Perlod Adlusthient There were no prior period adjustrnents. 2 Cdttcal aecounting estimates and Judgements In the application of charivs accounting policies, Trustees are required to make judgements, estimates and assumption5 about the carrying amoLJnt of assets and liabilities that are not readily apparent from other sources. The estimate5 and assoclated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undeilying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future period5. 32
THE sr DAVIDS DIOCES4N BOARO OF RNANCE NOTES TOTHE FINANCIAL STATEMENTS {Cont'dl For the Year Ended 31 December 2023 Notes Unrestrkted General De51Bnated Fund5 Restrkted Capltal Endowment Funds Total Funds Income Funds Oonatlon5 and Le8acles 2023 21r23 2023 MiThi5try Share RB: Block Grant RB: 5truttural Re51lien Fundln8 RB.. Improvemènt Fund R8.. Evangellsm Fund Grant Grants Church Repair Grant Legades DoTration5 3.582,054 4W,000 598,926 3,582.054 400.000 598,926 236.034 120.822 33.504 236,034 120,822 27,727 5.777 22,500 18 80 22,598 4.603.480 5,795 384.663 493,938 Donations and Leeaties 2022 2022 2022 2022 2022 Ministry Share R8.- Block Grant RB= Additional Support RB.. Improvement Fund RB.. Evangelism Fund Grant Grants Church Repair Grant Legacies Donatlons 3,582,054 368.070 264,(KlO 3.582.054 368,070 264,000 192,398 90,328 12,711 62.500 1.203 24,818 4.59&082 191398 90,328 8,333 1,378 62,SLXI 1.155 1.257 350.638 22,670 4245.127 891 1269 Charltable ktMtt•s 2023 2023 2023 2023 2023 Chaplaincy Fees Fee5 24.138 2.992 27.130 24,138 2.992 27,130 Charitable Activities 2022 22 2022 2022 2022 Chaplalncy Fees Fees 23,625 5,342 28.967 23,625 5,342 28,967 33
ThE sr DAVIDS DIOCES4N BOARD C FINANCE NOTES TO THE FINANCIAL sfATEMENTS ICThd) For the Year Ended 31 December 2023 Unrestrlcted Generdl De51gnated Funds Fund Restrl(tsd Capital Endowment Funds Totsl Funds Inc4>me FndS S InStments 2023 2023 2023 2023 2023 Rents ReIVed RB Q)mmon Investment Fund DBF Cornmon Investment Fund Rents ReceNed.. Parsonage Board Interest Realisat)n of Trusts 107.514 31,032 138.546 23.490 38.617 2.081 162,623 72.944 61.780 125,968 162.623 81.856 16,400 525393 6,595 2,317 16,400 57.334 137.599 268.680 61.780 5 Investments 2022 2022 2022 2022 2022 Rents Received R8 Common Invèstment Fund D8F Common Investment Fund Rents Recelved.. Par50nage Board Interest Rea115ation of Trusrs 116.965 99 25,523 18,935 135.900 99 143.568 211,510 36,348 35,850 563.275 37,545 2,329 211,510 34.094 78.171 1.730 524 35,850 73.919 144317 266.868 78.171 6 Othèr Sources 2023 2023 2023 2023 2023 ContribiJtion..Hou5ing Association Proceed5 from the sale of assets Administration Fee.. Sale of Property Marriage Lleentrs Sundry Income 6.913 6,913 6,644 240 3( 10.492 17.136 240 39.200 1,233 L233 37,661 48.153 14,103 6 Other &wr 2022 2022 2022 222 2022 Contributlon..Housin8 As50cSation Proceeds from the sale of assets Administration Fee.. Sale of Property Marriage LInceS Church Repair Grant Sundry Income 6.$84 6,584 11.500 16.$00 215 12.427 23.927 12,642 35,726 IL799
THE sr DAVIDS DIOCE&4N BOARD OF FINANCE NiJfES TO THE FINANCIAL STATEMEKtS ICont'd} Forthe Year Ended 31 December 2023 Notss Unrertrfcted General Desl8n8ted Funds Fund Totsl Funds Income Funds Capknl Endowment Funds 2023 2023 2023 2023 2023 7 Ralsir Funds 70 16.544 34,328 7 Rats1 Funds 2022 2022 2022 2022 2022 6.722 9A17 L713 20.392 8 SuFftyJrt for Mlnts 2023 2023 2023 2023 Stipends, Fees & Pensions: Stipends Pension-Employers Contributlon Vacancy Fee5 Sundry Property.. Council Tax Par50nage Board Insuran¢e on Parsonages Sundry Evangelism Bid- Certre of Missbn Clergy Expenses= Oergylchaplalns Expenses Removal/Di5turbance Allowance Archdeacons and Area Dean5 Recruitment Costs Training Ordlnands/NSM LayTrainin8 CMD/Vocations AdvSsers Spiritual Oirectors 2,438,175 46,040 2.484,215 5,564 5.564 179.830 179.830 868.828 26.766 868,828 26.766 17,397 128,687 146.084 28.897 87,342 18,272 331 28,897 87,342 25.266 331 io,( 10.CL)6 1.506 10.666 10.666 Support Costs (Directl Support Cost Allocion 5.123 530,149 3,368.868 5.123 530,149 4.419,417 53.034 997.515 35
THE ST DAVIDS OIOCESAN 80ARD OF FINANCE NOTES TO THE FINANCIAL sfATEMENTS Icont'dl For the Year Ended 31 December 2023 Notes Unrestrlrted General C*slgnated Funds Fund Rèstricted Capttal Endowinent Funds Total Jnds Income Funds 8 Supportfor Mln5stry 2022 2022 2022 2022 2022 Stipends. Fees & PensKJns- Sripends Pension-EmployÈr% Contribution Vacancy Fees Sundry Property.. Council Tax Parsonage Board Insurance on Parsonage5 Sundry Evangelism 81d- Centre of Mission Clergy Expense5'. Cler8y/chaplains Expenses Removal/Disrurbance Allowance Archdeacons and Area Deans Recruitrnent Costs Training.. Ordlnands/NSM Lay Training CMDNordtions Advlsers Splrltual Dlrettor5 2,312.958 44,019 2.356.977 10,461 10.461 175.199 175.199 788,532 23.480 5.622 119,849 788.532 23,480 5,622 10,246 109,EQ3 24,455 55.488 15,869 4,209 24,455 55,488 22,127 4.209 6,258 19,151 2.855 11.657 19.151 2,855 11,657 Support Costs (Direct Support Cost AllotIOn 6,725 550,160 3.228,535 6.725 55D.160 4.176.947 50,277 898,135 36
THE ST DAVIDS DIOCES4N BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS (Coned) Forthe Year Ended 310ecember 2023 Notes Unrertrfcted General Deslgnated Funds Fund Totsl Funds Income Funds Caphl Endowment Funds 9 Support for Parlghes 2023 2023 2023 2023 2023 Sector Mlnlstry Costs Safeguarding Local MinistryArea Initiative Grants Grant5 to Parishes Legal and Professfjonal Fee5 Diocesan Strate8Y Chlldren and Youth Fundin8 and Parish Support Support ¢osts (Dlrectl Support cost allocatlon 6,758 6,758 8,906 20,324 8,906 68,103 16,386 20.936 7.164 649.196 47,779 16,386 20.936 7,164 649,196 960 I(,114 779A 106.114 57,330 47.779 884,523 9 pportfor P4rtshes 2022 2022 2022 222 2022 Sector Minlstry Costs 58feguardin8 Local Ministry Area lnit1ate Grants Grants to Parishes Legal and Professtonal Fees DSocesan Strate8Y Children and Youth Funding and Parish Support Support costs (Dlrectl Support cost allocatlon 4,117 4,117 18,105 5,295 18,105 23,884 2,997 19,842 3,867 I48,529 1,362 45,132 L167.835 18,589 2.997 19,842 3.867 1,048,529 1.362 45,132 1,102,137 47.109 18,589 37
THE sr DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL sfATEMENTS Icont'dl For the Year Ended 31 December 2023 UnrestrlLted General Deslgnated Funds Fund Restrfcted Capltal Endowment Funds Totsl Funds Income Funds 10 ChLTrr¢h Property 2023 2023 2023 2023 2022 Custodian Expenses Quinquennial Inspections Dlocesan Advisory Comrnittee Inve5ttnent Property.. Maintenance Expenses Insurance Premlums Legal & Professional Fees Other Bulldin8s'. Repa1r5/lnsun Churth Schools (Open and C105edl 3-16 VA School in St Davids Support C05t5 (Directl Support cost allocation 20.434 20.434 31,103 9,374 11,799 31.103 9.374 11,799 54,768 22,390 54.768 22,390 79 20,455 170,402 79 20,455 93,244 77.158 10 thurch Property 2022 2022 2022 2022 Custodian Expense5 Qulnquennial Inspectlons Diocesan Adwsory Committee Investment Property- Maintenance Expense5 Insurance Premiums Legal & Professional Fees Other 8uildings.' Repairsnnsuiance Church schools (Open and Closed) 3-16 VA School in St Dawds Support Costs (Directl Support cost allocatlon 731 731 19,479 19,479 30,323 4,1( 20.508 30,323 4,108 20.508 27.793 66.601 27.793 66.601 124 25,766 195A33 124 25.766 IOL039 94,394 38
THE sr DAVIDS DIC(E&4N BOARD OF FINANCE NOTES TO THE FINANCIALSTATEMETrtrs (Cont'd) For theyear Ended 31 Dember 2023 Unre5trlcted 6eneral Oe51Bn•ted Income Funds Fund Funds Re5trlrt•d Capltal Endowmert Funds Totsl Funds 11 Other Flnanclal &JpF4Xt 2023 2023 2023 2023 2023 Grants: Church in Wales Bodles Grants: An8licanlEcumenical/Other Other Grants Support Costs (Directl Support cost allocation 151,159 151.159 26,OCKI 5LX) 24.181 20L840 26,IXJO 24,181 201,840 11 Other Flnan¢Sal Support 2022 2022 2022 2022 2022 Grants-. Church in Wales 8odles Grants.. AngllcanlEcumenicaVOther Other Grants Support Costs (Di¢t) Support cost allocatlon 106,055 106,055 35.5 35.500 500 21,513 163,568 21513 368 12 communhtIOn 2023 2023 2023 2023 2023 Newslètters/Diocesan Publication5 Year Book Pernbrokeshire Show Supptrrt Costs IDlrectl Support cost allocation 12,922 12.922 251 32,030 1.798 47ml 251 31030 47ml 12 Communlcatjon 2022 2022 2022 2022 Newsletter51Diocesarb Publications Year Book Pembrokeshlre Show Support Costs (Directl Support cost allocation 12,596 12.596 4,667 25,069 2,624 44,956 4,667 25,069 2,624 44,956 39
ThE sr DAVIDS DIOCES4N BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMEKfs Icont'd) For the Year Ended 31 Deomber 2023 Notes Unrestrlrted General Deslonated Funds Fund Restrl(ttd Capttal Totsl Funds Income Funds Funds 13 Other 2023 2023 2023 2023 2023 Payment of Trust Income Realisation of Trust Capitsl Payment of Legaclès 8arnk ¢haiges 28,209 46,747 154.340 28,209 46.747 154.340 1.284 230,580 720 720 $64 229,296 13 Other 2022 2022 2022 2022 2022 Payment ofTrust Income Reali5ation of Trust Capital Payment of Le£acSes 89.985 89,985 1,097.726 1,097.726 140 140 140 1.187,711 L187ASI 40
THE sr DAVIDS DIOCESAN BOARD OF FINANCE NOTESTO THE FINANCIAL STATEMENTS (Cont'd) For the Year Ended 31 December 2023 14 FUNDING AND PARISH SUPPORT 2023 2022 Prompt Payment Discount Incre8se In Unpaid Ministry5hare Provision Minlstry Share not requested Ministry Share Wrlte Off 824.369 224,159 31,242 31,242 1,048.528 15 SUPPORTcosrs 2023 2022 Salarles and Related Payments Travelling Expenses Exp2nse5 Staff Members Office Cl?anlng Heating and tighting Telephone Printing. Stationery and offi Sundries Postage Ground Rent tsf Offlces Water Rates Offlce Securltv Insurances lincluding Trustees Indèmnity Insurancel Depreciation Repair5 and Renewals Legèl and Profe55i¢nal Audit Fee Training Courses Bank Charges and Inte5t Miscell3neou5 Room Hire Diocesan and Archdeacon5 Registrars Expen5e5 Computer Software and Support Office Equipment Granffinder Governin8 Body Meeting Expenses Tran51atlon Fees Dlocesan Conference Other Sundry Expense5 Medical Fees Contribution to Support Costs frorn Restricted Funds 444,613 3.615 6.035 3,974 12,3 12,996 9,840 2,385 18.000 1.394 451.153 2.734 5,871 6.282 7,488 2.523 1.542 I8.0() 1.289 10,859 20,397 11.015 13,235 20,760 5.274 2,152 10.253 14.316 13,869 13.542 15.594 1,851 1.320 28,196 13,228 5.046 1.449 24,049 J,297 8.328 2,261 26,910 6,064 4,871 1,356 25,931 121 1.845 18 181,5771 185,6551 597.043 563.618 Governance cos15 included within the ave support cost5 81.333 77,283 41
THE sr DAVIDS DIOCE&4N BOARD OF FINANCE NOTES TO THE FINANCIAL s[ATEmEr5 Icont'd) For the Year Ended 31 December 2023 16 MINISTRY SHARE RECEIVABLE Open5n8 8alance l January 2023 Ministry Shart Pald aosing Balance 31 December 2023 Mlnlsty Share 2023 2023 2022 ST DAVIDS ARCHDEACONRY Cathedfal South West Pernbrokeshire Narberth & Tenby R005e Greater Dewisland DauBl&dd3U East Landsker 13,1631 14,5351 51,912 92,501 153,148 46.242 78,054 414,159 41,656 173,358 294.786 274,041 178.150 170.996 115,672 1,248,659 138,4931 1154,3001 1237,1131 1175,4451 179,9911 1110,8831 143,0791 1839,3041 41,917 163,385 286,763 269,527 188.457 173,503 109,696 1.233.248 14,523 109.585 19L,097 251,307 Il,35$ 150,647 823.514 TOTAL CARDIGAN ARCHDEACQNRY Bro Teifi Bro Aeron Mydr Gn Aeron IBro Aeron Icoastalll Bro Wyre Aberystwyth Bro Padarn Lampeter Emtyn (Dyffryn TeSfll TOTAL 77,083 17.525 26,468 16,153 59.784 10,630 27,469 30,689 265,801 232,221 66.148 108.936 61.139 253,482 138,076 158,272 117.936 1,136,210 1165,9971 149,8701 177,6101 139,5821 1298,3221 1115,5711 1123.1101 181.2691 1951,3311 143.307 33,803 57,794 37,710 14.944 33,135 62,631 67,356 450,680 219,793 68.480 108,024 60,080 258.618 139,495 147,077 114.487 1.116,054 CARWRTHEN ARCDEACONRy ro Dylri Bro Aman Bro Lliedi Bro Gwendr3eth Bro Glannau Tywyn Bro Cydweli Bro Dinefwr 8ro Qerfyrddin Bro Sancler 2,464 64,788 54,094 8.975 8,430 49,432 6,370 11.213 10,878 216,644 130,570 126,274 180,258 101,430 129,450 145,140 120,483 158.216 105,364 1,197,185 1115,4021 1167,3671 1103.2671 175,5061 1122,9651 195,4761 1112,8001 1111,1861 187,7181 1991,6871 17,632 23,695 131,085 34.899 14.915 99,096 14,053 58.243 28.524 422.142 126,541 128,914 176,367 101,860 129,705 136,032 116.887 160,549 103,442 1,180,297 TOTAL ARCHDEACONRYTOTAiS ST DAVIDS ARCHDEACONRY CARDIGAN ARCHDEACONRY CARMARTHEN ARCHOEACONRY DIOCESAN TOTAL 414.159 265,801 216,644 896,604 1,248.659 1,136,210 1.197,185 3,582,054 1839,3041 1951,3311 1991,6871 2 782,3221 823,514 450,680 422,142 1696,336 1,233.248 1,116.054 1,180,297 3,529,599 Opening and closing balances include amount5 Teceived in advance. Paid amount5 represent cash reNed and discounts allowed. 42
THE sr DAVIDS DIC(ES4N 80ARD OF FINANCE NOTESTO THE FINANCIALSTATEMEMfs (Cont'dl For the Year Ended 31 December 2023 16 MINlStRYSHARE RECEIVABLE Openlng Balan l January 2022 Mlnlstry Share Pald Closlng ealan 31 DernbEr 2022 Mlnlsty Share 2(r22 2022 2021 ST DAWDSARCHDEICONRY Cathedral South West Pernbrokeshire Narberth & Tenby Roose Greater Dewisland Oaugledda East Landsker 41,917 163,385 286,763 269.527 188,457 173,503 109.696 1,233.248 45,0801 11&),4321 1265,2371 1207.8831 196.1681 1142.4501 176.0751 11,013.32SI 13.1631 14,5351 51.912 92,501 153,148 46.242 78.054 414.159 44.449 174,443 302,759 311,145 163.594 161.185 102.371 1,259.946 12,512 30,386 30,857 60,859 15.189 414.433 194.236 TOTAL CAftDIGAN ARCHDE4CONRY BroTeifi Bro Aeron Mydr Glyn Aeron IBio Aeron Icoastalll Bro Wyre Aberystrryth Bro Padam 57,535 7,339 2,211 3,603 5,129 6,954 12,333 15,726 IIOA30 219,793 68,480 108.024 60.080 258,618 139.495 147,077 114,487 1,116,054 I2,245) 158,2941 183.7671 147.5301 1203,9631 1135.8191 1131.9411 199.5241 1961,0831 77,083 17,525 26.468 16,153 59,784 10,630 27,469 30.689 265.801 230,687 65,416 107,349 45,288 257,471 135,864 144,251 112,380 1.098,706 Lampeter Emlyn I[fryn Teml TOTAL CARMARThEN ARCHDEACONRY 8ro Oyfri Bro Arnan Bro Lliedi Bro Gwendraeth Bro Glannau Tywyn Bro Cydwell Bro Dinèfwr 8ro Caerfyrddln Bro Sander 2,848 32,371 13.645 8.459 9.589 36,740 14.7041 11,845 9,059 119.852 126,541 128,914 176.367 101,860 129,705 136,032 116.887 160,549 103.442 1,180.297 1126,925} 196,4971 1135.9181 1101.3441 1130,8641 1123,3401 1105.8131 1161.1811 1101,6231 11.083.505] 2,464 64,788 54.094 8.975 8,430 49,432 6,370 11.213 10,878 216,644 131.671 119,929 176,120 98,124 131509 123.284 108,187 159,347 103.995 TOTAL 1,153,166 ARCHDEACONRY TOTALS ST DAVIDS ARCHDEACONRY CARDIGAN ARCHDEACONRY CARMARTHEN ARCHDEACONRY DIOCES4N TOTAL 194,236 110.830 119.852 424,918 1,233,248 1,116,054 1,180.297 3,529,599 11,OJ3,3251 1961,0831 11,083.5051 13,057,913) 414.159 265.801 216.644 896.EL 1,259.946 1.098,706 1.153.166 3,511,818 Openlng and don& baknces indude amounts reNed in advance. Paid amounts represent cash recefved and discount5 alloweil. 43
THE ST DAVIDS DIOCES4N BOARD OF FINMCE NOTES TO THE FINANCIAL STATEMENTS (Cont'dl Forthe Year Ended 31 December 2023 17 TANGIBLE Freehold Property Restrtctrd Leasehold Premises (More Than 50Year51 Office Equlpmentl Furnlture & FItUngs Resrated Totsl Reststed FAIR VALUE At l January 2023 Additions Disposals At 31 December 2023 164,500 101,534 7,(9 273,103 14.8741 96,660 14,8741 268,229 164,500 7.069 DEPRECIATION At l January 2023 Charge for Year Charge on Disposals At 31 December 2023 41.122 1.146 2,562 2.057 43,684 3,203 42.268 4,619 46,887 FAIR VAWE At 31 December 2023 164,5C¥) 54.392 2,450 221,342 At l January 2023 164.500 60,412 4.S07 229,419 No deprec13tion is provided on freehold property as the Trustees are of the opinion that these building5 are maintained in suth a state of repair that their residual value is at least equal to their fair value. As a result the corresponding depreciation char8e would not be material and therefore 15 not charged to the SOFA. A valuation of the freehold propety was undertaken at 31 December 2017, ITr accordance wlth the requirement5 of FRS102 and the fair value was adjusted to reflect the valuations. Fair Value is Represented by.. Freehold Property Unrestrfrted Restrl¢ted Leasehold Premises (More Than SO Years) OfFice Equipffnv Furnlture & Fittin8S Totsl Cost/Valuation 164,500 96,660 7,069 268,229 164,500 96,660 7,069 268,229
THE sr DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO ThE FINANCIAL sfATEMENTS Iconvdl For the Year Ended 31 December 2023 17 TANGI8LE ASSETS Convd FREEHOLCI PROPERTY VALUAnON Numerous propert5 are registered with the Land Registry in the rTrame of the Board. Exact ownershlp of some of these properties and any trustee ststus has, to date. been investl8ated on a case-by-case b3SlS. Wlth the Charity Commission andlor the We15h Government. In 2014 the Board awarded a contract to seek to ascertain the tswnershlp of those properties with the intention gf includlng those identified as being owned by the 8oard in its financial accounts. This work was tompleted in 2016. There is still additional work to be undertaken to ascertain the ownership of several propertie5. No value ha5 been placed on properties which are either subject to a reverter or where it has not been possible to ascertain its status. The freehold property relates to properties owned by the Endowed Schools Fund and Includes one properry whlch is leased and four former Schools which are either used as church halls or a C¢mmunity Association. The leased property was valued at 31 December 2016 by an independent valuer, while the other four propertie5 have been valued by Dlrectorsifrustees. LEASEHOLD PREMISES The asehold w35 taken out on 10 September 1973 lor a period of 99 years and any Improvements are wrrtten off over thE unexpired period of the lease. Following the rtnovation works on the Diocesan Office, which were completed late 2011, a new lease was to be re-drafted. HERITAGE ASSETS The Board hold5 land and buildings as Custodian Trustee which the Charities SORP 2015 IFRS 1021 classed as inalienable as5et5. The land ind buildings are primarSly used 85 Sthools and churth halls. Due to the nature of the assets the Trustees of the Board are of the opinion that they fall within the scope of heritage assets given in the Charities SORP 2015 IFRS 1021. The age of the buildings vary sSgnfficantly but the 8oard became Custodian Trustee of the majority of the properties between 1944 and 1947. 18 INVESTMENTS 2023 2022 Market Value Market Value C¢)st Restrirted Capltal Endowment Fund 2,fAM,074 2,305,679 2.568,446 2,798,101 Restricted IncDrne Funds.. Diotesan Ordinands Fund Endowed Schools Fund 52.410 46.913 47,378 42.408 89,786 50,721 45.400 96.121 49,302 44,130 Designated Funds-. M H Jones Olszwelski 1,636 336 1,479,217 1,583 $90 1,539,286 unStrICted General Fund 1,120.495 1,012.907 1,084,377 1,054,040 5,460 228 4 887.589 5.332 534 5,484 859 45
THE ST DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEME[5 (Coned) For the Year Ended 310ernber 2023 18 INVESTMENTS Convd The above investments can also be aThaled as follows.. 2023 2022 Listed Investments Government Securities and Fixed Interest Cash Held on Dep051t 4,365.027 928,018 167,183 5,460,228 4.572,766 733,535 26.233 5.332,534 2023 2022 Falr Value Falr Value Restated Restated Investmènt Propertles- Unrestricted Funds 2,516,907 882,235 2.516.907 882 235 Investments Investment Propertles Totsl Investments Restated 2.516.907 45.922 Restated 7,849,441 616,004 1443,2351 1201.0861 132,6091 288,212 140,950 1213,8711 8,CK)3,806 At l January Additions Disposa15 Realisation of Trust C3Pltal Realised Gains/llossesl Unreali5ed Gain5/lLossesl Cash movement Equilibrum Adjustment At 31 December 5,332,534 570,082 1443.2351 1201,0861 132,6091 288,212 140.950 4,6191 5,460,228 119,2521 2,543,577 The freehold investment propertie5 of the Board have been valued at lair value for investment purpose5 at £2,516,907 by a qualifed independent valuer at 31 December 2017 and show a surplus ol £1,678,765 over the cost. Four of the investment propertles are leased. The land pertaining to two other propertles are also leased. Two propertie5 valued at £195,000 are Included in the accounts for 2017 havin8 been identified 85 beFng owned by the Board, in 2017. The conversion of the farmhouse. one of the Board's investment properties. into two holiday let5 was completed in September 2016 and are now attively being marketed. Reallsed gains or losses arising frorn disposal of investments are included in the SOFA under the relevant fund5. The market value of Investments has been taken at 31 December 2023 and Includes all monies on deposit at cost. In accord3nce with the Charities SORP 2019 the figure5 in the aceounts are the market value of the investment5. 46
THE sr DAVIDS DIOCESAN BOARD OF FINANCE NiyfES TO THE FINANaAL STATEMENTS Icont'd) For the Year Ended 31 December 2023 19 LONG TERM DEBTOPS 2023 2022 Loans 271,641 271,324 271.641 271,324 LOANS AS AT 31 DECEMBER 2023 8alance l January 2023 Advance Interert Repild Balance 31 December 2023 2023 2023 2023 Diocesan Loaf.. Retired Clergy 1.5% Housing Loans 5,049 5,049 317 5,366 5,366 317 Provincial Housin8 Loan5- Equity Linked 266,275 266,275 Totals 271.224 317 271,641 Provincbal and Clergy Houslng Loans are repayable on death or sale of propertv. 20 DEBTOR5 2023 2022 Ministry share Receivable frorn Churches (Less Provision) Sundry Debtor5 and Prepayments 184,374 190,893 375,267 144.161 183,782 327,943 Totsl 2023 2022 2021 2020 Minlstry share Receivable at 3y12n3 Less Provlslon 1,696,336 915,805 512,799 159,468 98,264 11,515,143) 181,193 Total receivable remaining 21 CREDITORS DUE WIThIN ONE YEAR 2023 2022 Trade Creditors Restricted Trade Creditor5 Accruals Restrirted Accr¢Jals Deferred Irtcome Other CdItorS Other Taxe5 and social Security Ministry Share ReNed in Advance Rents in Advance Restricted Funds Creditors 22,950 55,031 208.8CX) 55,249 73.293 193,880 10,636 136,764 458.IB5 5426 3.180 4,636 381,666 1276 638 549,502 9.607 144,748 622,429 1659 344 Deferred Income Brought forward Received in the year Released Carrled Forward Mlnlst Share Recelved In Advanc 144,748 3,582,054 13.723,6221 22,714 3,582,054 13,460,D201 47
THE sr DAVIDS DIOCESAN BOARD OF FINANCE NOTE5 TO THE FINANCIAL STATEMENTS {Cont'dl For the Year Ended 31 December 2023 22 CREDMRS DUE MORETHAN ONE YEAR 2023 2022 Due to the Representative Body of The Church in Wales 266.275 266,275 Provincial Houslng Loans are repayable on death or sale of propertv. Amount5 due to the Representative Body of The Church in Wales have no specrfic repayment term5. However, repayment is immediate on death or sale of property. 23 RESTrICTED CAPITAL PERMANE ENDOWMENT FUND 2023 2022 Balance as at I lanuarv IDeficitl]Surplus for the Year Net Gain/lLossl on Investments Balance as at 310ecember 2.830.052 1194,7651 253,287 2.888,574 4.351,301 11,140,080] 1381.1691 2,830,052 Represented by: Capital Income Unrealised Profit (Market Value less C0511 2.305,679 284,500 298,395 2,888,574 2.798,101 261,604 1229.6551 2,830,052 Endowrnent funds have been entailed over many year5 and relate in the main to funds held on behalf of parishes. Investment returns are relehsed to the parishes. where applicable. When returns are not released. they are retained by the 8oard within this Fund. The Tr(t5te&5 have reference to legal advice provided by CarTeg Law, sollcitors.. one of the Board's legal advisers. 2023 2022 At I January Capital Introduced Trusi Income ReIVed Payment of Trust Income to Parishes etc. Capital Withdrawn Realised Gains Unrealised Gains/ ILossesl Investment Managers and Administration Fees 2,830,052 4,351,301 48 149,074 1160,8871 11,097.7261 89,282 1470.4511 130.5891 125,782 192.2101 1201.0861 116,1951 269.482 127,2511 2 888 574 2 830 052 48
THE ST DAVIDS DICWN 80ARD OF FINANCE NOTES TO THE FINANCIAL STATEMETr¥fs Icont'dl For the Year Ended 31 December 2023 24 REsfRICTED INCOME FUNOS Tre Restricted Income Funds are restricled fund5 and arè used for the followin8 purposes= Diocesan Ordinands Fund- For t¥alninE lor the Mlnlstry In the Church In Wales Diocesan Endowed Schools Fund- For the erection, construction andlor repairs to Church Schoo15 In the Diocese Spirltuallty Fund- For specific missionary purposes including the payrnent for retreat and quiet day5 Community Prgjert Fund- For firnaneing eommunlty proleds Includlngthe building of community centres Parsonage Board Fund - For the repair, maintenance and refurbishment gf parsonages. Financed by the Diocesan Board of Flnance and the Representative Body of the Church in Wales Church Insurance Contingency Fund- Additional contributions from parish25 tD provide a working fund to ensure the block insurance 15 paid on time Church Repair Grants- For church repair and irnprovement grants. Evan8eli5rn Fund- For three sub-projects in different areas to enage with people who have not been bapt15ed to livin8 Christian faith. Mostly funded from The Representètive 8ody evangelism fvnd grant. l January 2023 Movernent in Re50ur Transfers 31 December 2023 Income Expenditure Dlocesan Ordinand5 Fund 55,095 3,170 13031 57.962 Diocesan Endowed Schools Fund 686,151 81.873 137,4741 179,0991 651.451 Spirituality Fund 109.211 112,211 Community Project Fund 5,568 5.568 Parsonage Board Fund 925.046 475.189 458.740 1868,8281 990.147 Church Insurance Contlngency Fund 58.LX)9 IL,4241 56.585 Church Repalr Grant ILlmltedl 162,794 146,3561 116.438 Church Rèpalr Grant Iunlimitedl 72,000 72.0 Evangellsm Fund 114,261 142,039 1128.8771 127,423 2,188,135 705,271 421,266 11,124,887) 2,189,785 49
ThE sr DAVIOS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL ATEmENTs Iconvdl For the Year Ended 31 December 2022 24 TRlCtED INCOME FUNDS l January 2022 Movèment in Rex>urces Transfers Exp8n¢lture 31 Dernber 2022 Income Dittesan Ordinands Fund 59.316 J,320 15,5411 55,095 Diocesan Endowed Schools Fund 790,632 31,713 135,6901 1100.5041 686,151 Spirittsality Fund 106,211 3.000 109,211 Communlty Project Fund 5.568 5,568 Parsonage Board Fund 834,191 257.376 429,613 1596,1341 925,046 Church Insurance Contin6ency Fund 58.808 17991 58.009 Church Repair Grani ILimitedl 118.084 62,500 117,7901 162,794 Church Repair Grant lunlimrtedl 72,(K)O 72,0(X) Evan8elism Fund 131,892 91,972 109.6041 114,260 2,176,702 447.881 393.923 1830,3721 2.188.134 50
THE ST DAVIDS DIOCESAN 80ARD OF FINANCE NOTES TOTHE FINANaAL STATEMENTS (Coned) Forthe Year Ended 31 December 2023 25 DESIGNATED FUNDS The designated funds are used for the follo¥Th8.. Redundant Chur¢hes Fund- To assist with the financial consequences of church closvre. strategy for Mintstry Fund- For new Mission and Ministry in the Oiocese. Penlan Farm Fund- For RenovationlRestoration wor M H Jgnes-olszewski Fund- A memorlal fund for the malntenance of misslon and mlnlstry- Children & Youth Mission Work Fund- To fund Children and Youth Mission and Outreach Inttiatwes. Pènsltsns & Assistance Fund- To provide additional grants to Widows. Orphans and Dependants. Safeguarding Fund- To asstst with costs Incurred Sn the event of an InvestlBatbn. Fundraising- Chairmèn's fundraising fund. l January 2023 Movement In Re5jr1%S Transfers Expendknre 31 Dqcemb•r 2023 Income Redundant Churches Fund Bishop's Strategy for Minlstry Fund Forth Archdeconry Fund LMA Support and Developrnent Grants Fund Penlan Farm Fund M H Jones-015zewski Fund Childreri & Youth Mission Work Fund Penslons & A$5i5tance Fund Safeguardin8 Fund Fundraising 22587 83,799 84.934 71.158 57,676 52.222 1.673.607 96,058 3,254 40.764 52 2,186.111 22587 118,340 46.724 49.982 89.348 52,222 1,728,162 84.034 35,041 15.066 15001 153,2761 121,1761 19,1461 5,777 35,041 98.7 1,233 20,736 125.rmi 3,942 I23,1} 119,2351 117,1991 40,764 70 2,232,233 18 126,554 40,J(A) 1120.5321 lJ•nu•ry M¢)¥emert In Re%rC 31 Decther 2022 Income Redundam Churches Fund BhOp'S Strategy for Ministry Fund Forth Archdeconry Fund LMlSupport and Development Grants Fund Penlan Farm Fund M H Jones-olszewski Fund Children & Youth Mission Work Fund Penslons & As5istsrth Fund Safeguarding Fund Fvndrai5in8 22,587 354,710 22587 83,799 84.934 7LI56 57.675 52,222 1,673.607 96,058 3,255 40,765 51 2.186,109 1270,9111 135,251 91,059 74,442 150.3171 119,9031 1141441 1377 52.222 1.840.425 92,440 3,255 40.765 38.070 880 35,850 130.OLXII io, 135,8501 1174,8881 (7,2621 li 2.406.444 1270,5141 51
THE sr DAVIDS DI(KESAN 80ARD OF FINANCE NOTES TO THE FINANaAL STATEMENTS (Cont'd) Forthe Year Ended 31 December 2023 26 GENERAL PURPOSES FUND 2023 2022 Balance as at l January Surplus/lDeficiil for the Year (after transfers) Nei ILossllGain on Investments Properties Introduced 5,549,897 1165.1831 42,586 6,234,940 1573.3101 1111,7331 Balance as at 31 December 5,427,3Tr) 5,$49.897 27 ANALYSIS OF NEfAssEfs 8EEN FUNDS Restrlcted CapSts1 Endowment Funits Unrestrlctsd Fund5 Oeskn4t Funds Restricted Funds Totsl Funds Fund Balances at 31 December 2023 are represented by.. Tangible Fixed Assets Investment Assets Long Term Debtors Net Current Assets Lon8 Term Liabilitie5 56,842 3.664,073 164,5(K) 99,323 221.342 8,IK)3.806 1,636.336 2,604,074 1.972.6 1266,2751 595.89? 1,925.962 2845 4,779,019 1266,2751 5,427,300 2,232.233 2,189,785 2,888,574 12,737.892 Re5trirted Capltal Unrestrlcted Funds Oeslrned Funds Totsl Funds Funds Fund$ Fund Balances at 31 December 2022 are represented by.. Tawbk Fixed knets Investment Assets LongTerm Debtors Net Current A&sets Long Term knabilibe5 64,919 3,fA)1,284 271,324 1.878,645 1266.2751 164,5 96.121 229,419 7,849.441 271,324 4,670,283 1266,2751 I.583,5) 2,56B.446 601519 L927.513 261,606 5 549 897 2 188 134 2 830 052 12 754 192 52
THE ST DAVIDS DIOCE&4N BOARD OF FINANCE NOTES TO THE FINANCIALSTATEMENTS Icont'dl For the Year Ended 31 December 2023 28 RECONaLIATION OF INCOME BEFORE UNREALISED GAINS EXPEND TO NET CASH FLOW FROM OPERATING AcfMTIES 2023 2022 Ntt inc0rmllexpendUr•I forthe reportln8 pedod las per the Ststement of Hnanclal Actl¥ftle51 116,3001 12,415,195) Adjustmentsfor.. Depreciation chaiges Realised Igalnsllosses on invertment5 Transfers to investment properties DivideT)ds, interest and rents from investments Lossllprofrtl on the sale of fixed assets Ilncreasel/decrease in debtor5 Increase/ldecreasel in creditor5 DgnatiQn5 reeelved for Endowment Fund A5setS 3,203 428,039 5,393 666,011 14.707 1563,2751 1525,3931 4,871 147.6411 1382.7061 1268,6801 299,296 190,946 1481 Net Cash provlded bylluyd Inl operatlng actlvltles 1802 165 AnaILS of cash and cash equfvalents Cash in hand Short Term investments Cash held wlthln investments 5.408,751 6.(K)1.684 167,183 26.233 Totsl Cash and Cash Equlvalents 5,575,934 6,027,917 53
THE sr DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL sfATEMENTS Icont'dl For the Year Ended 31 December 2023 29 TRUSTEES AND EMPLOYEES Payments am()untin8. in total, to £2,65012022.. £4,790) were made to 812022.. 61 Trustees during the year for travelling expenses when attending Board Meetings or other Diocesan matters. No payments were made to Trustees in respect of their duties as Trustees of the Board. However, payments were made to 8 12022.. 81 Trustee5 for other duties amounting to £12,71312022.' E18,8491. Payments of £28.01312022.. £26,910) were paid io th2 Diocesan Registrar. The amount outstanding to trustees at the year end was £2,71912022..£16,4281 2023 2022 EMPLOYEES.. Staff Costs Gross Wages and Salaries Redundznry costs Employers Nl Other Pension Costs 434.930 436,357 42,415 58,041 44,041 60,044 535,386 540,442 2023 2022 The number of employees whose iotsl employee benefits (excluding employers pension costs) purposes was as follows-. £60,000- £70,OCK) 2023 2022 The reffluner3tion for Management personnel was 219,111 208 019 Average number of persons employed.. Head Count Full Time Equivalent 14 15 15 30 PENSION cosrs Deh'ned Contribution Scheme.. The pension cost charge for the year is £58.04112022.. £60.0441. Unpaid contribution5 to the scheme at 31 December 2023 amounted to £4,57512022 £4,094). 31 AUDITORS REMUNEPATION The auditor5 remuneration as auditors amounted to £13,140 12022.. £15,594) 32 TAXATION The company is a registered charity and as such 15 not Subject to Uniied Kingdom taxation. 54
THE sr DAVIDS DIC&1N BOARD OF FINANCE NOTES TO THE FINANCIAL sfATEMENTS Icont'dl For the Year Ended 31 December 2023 33 cAPALAND OThER COMMITMENTS Capitsl Commltm•nts The Board has detided that It w511 not now conslder purchasing the Diocesan Office from the Representative Body of the Church in Wales. An accrual in respect of the ground rent due h35 been provided in the accounts. Other Commltments At the 8alance Sheet date the Board had contracted for the followin8 expenditure: The eoard has agreed for additional legal workto be undertaken in relation to the Trusts and to obtain the basis on which they are held by the Board. The tost of this work will be billed at the usual hourly rate. At the Balance Shed date the 8oard had atsthorised but not contracted forthe following expenditure.. The Board has agreed to pay a contribution of £8,333 to the Emergency Aid Fund held by the Representative Body of the Church in Wales. This Fund is used to help Parishe5 meet the cost of emergency repair5 to churchyard wa115 etc. where there are no other funding sources avallable. The Board hès aged to provlde grants amounting to £7,9CX), from the Grant Fund to facilitate ihe formation of and projects in Local Ministry Areas. The Board has agreed to provide grants amountin8 to £64,103, from the church repair fund to faciltste repairs and improvement5 to churche5. The Board has also agreed to fund the following commftments from thè M H Jones-olszwelski Designated Fund..
A gnt of £10,000 to the church at 5aron, where the deceased used to worship. for the erection of a cornmemorative pl3que and necessary alterations. The balance of thi5 8rant, amounting to £144. Is anticipated to be paid out in 2024. £100,0 to be given to St Davids Di0san Housing Association for renovation works. These properties are currently used to house retired clergy. During 201S. £98,215 of thi5 gralll was requested leaving the balance ol £1,785 lo be clalmed In furure years. 55
ThE ST DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO ThE FINANCIAL STATEMEKfs Icont'dl For the Year Ended 31 December 2023 33 CAPITALAND OThER COMMITMEwrs C(mt'd oiher Cornmltments Icont'dl
Grant5 in respect of Social Responsibility projects. amounting to £301.350, were awarded during 2015. At the Balance Sheet date £282.836 had been paid out. The remaining grants awarded £18,514, are scheduled to be released in 2024125. The Parsonage Board Fund had commitments of £261,782 at the Balance Sheet date relatin8 to repair work of which £54,536 will be reclaimed from the Representative Body of the Church in Wales. The Diocesan Board of Finance ale en8aged in property litigation given their le831 status as custodian trustee of a held On trust for ? Church. The litl8ation is against both lal a ten3nt of 3 property of the DBF Iwhich is held on trust for the Church) and Ibl a neighbouring property. The litigation relates to a right ol way dispute, boundary discrepanry and potential breachlesl of lease. Given a judgement In court, it is estimated the DBF will be Ilable forthe legal fees of both the defendants in the litigation estimated at £29,496. These amounts have not been provided for in the accounts. These amounts have not been provided for in the accounts. 34 CONnN EIU UABILITIES A potential claim has been lodged for £SO,OOD in respect of the gales proceed5 frorn 8urrows Field, St D3Mds. The proceed5 of 53le have been transferred into the Penlan Farm Designated Fund and ring fenced. 35 REL4TED PAmTrAN&4cn The St l)avlds Dlocesan Houslng Assothation The 8oard agreed in 2014 to grant £IOO.000 from the M H Jones-olszweski Designated Fund to the Housing Association towards renovation works to be undertaken io Its properties during 2015. The propertles are currently used to house retired clergy. £98.215 of the grant has been utilised with the balance due to be spent in 2024125. The HouslnB A559ciation pays ground rent to the Represèntative Body amounting to £11,472 per annum. The followlng Directors are also Director5 (Trf the St Davlds Diocesan Housing Association.. Mr N C P Grwfin, Bhop of St Davids,Ven Dr M Hill, Ven P R Mackness and Ven RHE Davies. The Aepre5entstfve BOO of the Church In Wales The following Dlrectors are also Directors ol the RepresentatNe Body of the Church in Wales.. Mr T Llewellyn, Mrs H Evans, Ven P R Mackne5s and Mrs J Hayward. The amount of £425,112 was out5tsndinB to the RB as at 31 December23. The Church Anny The following Director Is also Dlreuor of the Church army.. The Rt Reverend J 5 PÈnberthy Bishop of St Davids. The amount of £4.360 w85 Outsranding to the Church Army at year end. 36 ULTIMA PA There is no individual CDntrollin8 party 35 the charity is rnanaged by a 8oard of Trustees as detailed on page5 12 and 13. 56
THE sr DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIALsfATEMENTS Icont'dl For the Year Ended 31 December 2023 37 OPERAMNG LEASE COMMITMENT 2023 2022 Wlthin One Year Between and five years 3,382 7,538 3.382 10.920 3,382 57