BWRDD CYLLID
ESGOBAETH TYDDEWI
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CYFRIFON
2023
ACCOUNTS
ST DAVIDS
DIOCESAN BOARD OF FINANCE
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THE ST DAVIDS DIOCESAN 80ARD OF FINANCE
REPORT AND FINANCIAL STATEMENTS
Forthe Year Ended 31 December 2023
cO￿rENTs
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 A￿1VITIEs
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 De￿mber 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- cOMPOS￿10N
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 D￿AlL5
Name
The St Davids Diocesan Board of Finance
Company Registration No
242794
Charity Registration No
231239
Registered Office
DioCe￿n 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 MANAGEME￿1 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
InVeStr￿Trts
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
2￿3
2023
2023
EXPEND￿uRE 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
0￿30
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
CommunI￿tIon
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 B￿EEN 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 I￿oME IIEXPENDFfuRE}
BEFORE INVESTMENT ￿N$
1216.7471
131.1551
1371.3981
11,129.8841
11,749.1841
N￿GAINs 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 B￿EN 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 cURRENT￿sErS
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 prO￿ded 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:
Re￿Ipt 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 eqU￿alents at the
be8innlng of the reportlng perlod
28
6,027.917
6,319,579
Cash and cash eqU￿alents 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 con￿rn 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.
L￿cleS
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.
EXPEND￿uRE
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.
Her￿age 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
re￿ived. 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 Inte￿St
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
4￿93,938
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
2￿2
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 ICTh￿d)
For the Year Ended 31 December 2023
Unrestrlcted
Generdl
De51gnated
Funds
Fund
Restrl(tsd
Capital
Endowment
Funds
Totsl
Funds
Inc4>me
F￿ndS
S In￿Stments
2023
2023
2023
2023
2023
Rents Re￿IVed
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
2￿22
2022
Contributlon..Housin8 As50cSation
Proceeds from the sale of assets
Administration Fee.. Sale of Property
Marriage LI￿nceS
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 Alloc*ion
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 Allo￿tIOn
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
2￿22
2022
Sector Minlstry Costs
58feguardin8
Local Ministry Area lnit1at￿e 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
I￿48,529
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/lnsu￿n
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 De￿mber 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
3￿68
12 communh￿tIOn
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 Inte￿5t
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 a￿ve support cost5
81.333
77,283
41

THE sr DAVIDS DIOCE&4N BOARD OF FINANCE
NOTES TO THE FINANCIAL s[ATEmE￿r5 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
G￿n 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 ARC￿DEACONRy
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
re￿Ned 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 De￿rnbEr
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 do￿n& baknces indude amounts re￿Ned 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
Equipff￿nv
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 propert￿5 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
un￿StrICted 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 310e￿rnber 2023
18 INVESTMENTS
Convd
The above investments can also be aThal￿ed 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 C￿dItorS
Other Taxe5 and social Security
Ministry Share Re￿Ned 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 Re￿IVed
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 De￿rnber
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 Re5￿jr1%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 Dec￿ther
2022
Income
Redundam Churches Fund
B￿hOp'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,$49.897
27 ANALYSIS OF NEfAssEfs 8￿EEN FUNDS
Restrlcted
CapSts1
Endowment
Funits
Unrestrlctsd
Fund5
Oeskn4t
Funds
Restricted
Funds
Totsl
Funds
Fund Balances at 31 December 2023
are represented by..
Tangible Fixed Assets
Investment Assets
Long Term Debtors
Net Current Assets
Lon8 Term Liabilitie5
56,842
3.664,073
164,5(K)
99,323
221.342
8,IK)3.806
1,636.336
2,604,074
1.972.6
1266,2751
595.89?
1,925.962
2845
4,779,019
1266,2751
5,427,300
2,232.233
2,189,785
2,888,574
12,737.892
Re5trirted
Capltal
Unrestrlcted
Funds
Oeslrned
Funds
Totsl
Funds
Funds
Fund$
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 inc0rmllexpend￿Ur•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
AnaI￿LS 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 cAP￿ALAND 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 ag￿ed 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 g￿nt 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 Di0￿san 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, B￿hop 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