Ffydd • Llawenydd • Cenhadaeth Faith . Joy * Mission St Davids Diocesan Board of Finance Bwrdd Cyllid Esgobaeth Tyddewi Annual Accounts / Cyfrifon Blynyddol For the year ended 3 1 December 2025 Am y flwyddyn a ddaeth i ben 31 Rhagfyr 2025 Prepared by / Paratowyd gan Finance Department / Adran Gyllid Reportlng Period / Cyfnod Adrodd l January 2025- 31 December 2025 I lonawr 2025- 31 Rhagfyr 2025 Company No.. 2427941 Charity No: 231239 Rhif Cwinni- 242794 | Rhif Elusen.. 231239 Email.. finance.stdavids@cinw.or&uk
THE ST DAVIDS DIoCEN BOARD OF FINANCE ME Page Trustees. Report 1-17 Auditors, Report 18-21 Statementof Flnancial Artivities 22-24 Summary of Income and Expenditure Account and ststement of Changes in Equity 25 Balance Sheet 26-27 Cashflow Statement 28 Notes to the Accounts 29-56
THE ST DAVIDS DIOCES4N BOARD OF FINANCE rEn The Trustees are pleased to present their annual directors, report together with the financial statements of the charity for the year ending 31 December 2025 which are also prepared to meet the requirements for a directors. report and accounts for Companies Art purposes. The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the chariws governing document, the Companies Act 2006 and "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 (FRS 102) (effective from l January 2019) The Trustees, who are also Dirertors for the purposes of company law, present their annual report. together with the audited financial staternents, for the year ended 31 December 2025. The directors/Trustees are one and the same and In signing as Trustees they are also signing the directors report sections in their capacity as directors. This combined report satisfies the legal requirements for: Directors Report ofa charitable company and Trustees Annual Report under the Charities Act 2011. The principal activity of the charity is to promote, aid and assist the objectives, work and business ofthe Church in Wales generally in the Diocese of St Davids. The key objectives of St Davids Diocesan Board of Finance's (the Baard) are: To ensure that there is 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, professional and administrative service across a range of administrative funrtions 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 DIOCES4N BOARD OF FINANCE For 2025 the main objectives were: Fund Perfomance - To make an asset return in accordance with the % agreed with the Board's Investment Advisers and which compared favourably against agreed benchmarks. Reserves- To maintain the agreed level of reserves in the Unrestricted General Fund. Financlal Stability~ To continue to ensure financial stability and enable the cost of Ministry to the Diocese. Diocesan strate - 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-tem objectives ofthe Board are as stated above. In the long term, the Board is mindful of ensuring that the ministerial and structural changes proposed in the Dioces3n Strategy reflect current thinking. PUBLIC BENEFIT The Trustees are aware of thelr responsibilities in ensuring that the Board delivers identifiable benefits to the public in accordancewith established objertivesand permitted activities. Theyhave referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing their aims and objectives and in planning their future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have seL An amount has been committed towards funding projects associated with Soaal Responsibility in the wider community. GRANT MAKING POLICIES All grants made are agreed by the Board. ACHIEVEMENTS AND PERFORMANCE INVEsfMENT PERFORMANCE
Diocesan Portfolio Perforniance Equity markets made a strong start to 2025, boosted by resilient economic and corporate earnings gromrth, but quickly lell in April following US President Donald Trurnp's sweeping tsriff announcements. Investors were concerned that the tariffs would cause global economic growth to fall and inflation to rise, As trade tensions de-escalated. however, and Trump backed down from some of his initial threats, markets once again continued their upward trajectory. Artificial Intelligence (Al) continued to be a dominant theme, with markets trying to distinguish the winners from the losers. This has led to significant intra-market movement. with software companies in the firing line over fears their businesses could be disrupted by Al, while shares in 5emieonductor companies have perfornled strongly.
THE ST DAVIDS DIOCE&4N BOARD OF FINANCE rEn IDec mbe Global equity markets maintained their strong momentum through to the end of the year, with the FfsE All World Index closing the year near record highs, supported by reslllent corporate earnings and renewed central-bank easing. Government and corporate bonds also performed well over the year, benefitttng from interest rate cuts in both the US and UK Overall, the St David's Diocesan Board of Finance portfolio produced good returns for the year and was up 9.2%. with all asset classes in the portfolio contributing positively to performance. In addition to bonds and equities, gold was also a standout performer (up 540/6). driven by increased central bank buying from countries looking to reduce their dependence on the US.
Investment Property The investment property has been revalued independently on 31st December 2025 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 £2,970.263. If sold, there is no known taxation liability. Restrirted Freehold Property The restricted freehold properties include two school houses and four lease hold former schools. The properties were valued in 2025 byan independent valuer. SUPPORTING THE MINISTRY Cler Sti end Levels 2025 2024 Assistsnt Curate Incumbent and Vicar Rector of Rertorial Benefice Residentia Canon Archdeacon Dean 25.456 29,948 31.445 34,440 45.820 46,419 24,244 28,522 29,948 32,800 43,639 The Board received a grant towards the Cost of Ministry from the Representative Body.
THE ST DAVIDS DIOCESAN BOARD OF FINAN TRU TEE Up to 31 December 2006, the Representative Body funded the total costs 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 quarters of 2021 were netted off against the block grant received from the RB. The Representative Bodycarried outa clergy pension review in 2020. which resulted in a reduced contribution of 36.50/0 from 38.8 % of stipends. The Board continues to meet the costs of ministerial training in conjunction with the Representstive Body. The number of stipendiary clergy posts within the Diocese at 31 December 2025 was 71. The Board received the following support from the Representative Body:
Administration of payment of Council Tax on Parsonages IT and HR Support Administration of stipends Advlce on statutory duties e.&, Rent Smart Wales. Data Protection Safeguarding OVERALL FINANCIAL POSITION The results for the year are shown on pages 22 to 23 in the Statement of Financial Activities, The Unrestricted General Funds recorded a deficit of £94,622, with expenditure exceeding income before investment gains and revaluation movemenL During the year, the Board recognised revaluation gains on investment properties of £1,291,498 and on restricted freehold properties of £590.500. In addition, the investment portfolio generated realised and unrealised gains, resulting in total net gains on investment of £1,770,773. After taking account of all gains, losses and transfer between funds, the total funds of the charity increased by £1,564,805 (2024: a decrease of £601,974), resulting in net assets of £13,700.724 at the year end. The unrestricted funds recorded a surplus of £830,820 after gains and transfers, compared with a deficit before the impact of investment gains. The Trustees consider that the revalued property assets provide a more accurate reflection of the charity's financial position and asset base as at the balance sheetdate. The Board received a grant from the Representative Body towards various purposes amounting to £178,500 (2024: £170.000). The Board also received £547,056 (2024: £660,234) Structural Resilience Funding from the Representative Body. The other prlncipal source of funding was Ministry Share amounting to £3.096.711.
ThE ST DAVIDS DIOCES4N BOARD OF FINANCE 'REP RESERVES POLICY The Trustees regularly 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 minirnum six months of Unrestricted General Fund expenditure to enable it to meet its short-term financial obligations in the event of an unexperted revenue shortfall. The total Unrestricted General Funds increased fvom £4,958,291 to £5,789,112 during the year. primarily as a result of the revaluation of the investment property. Consequently, the Investment Property Reserve Fund rose from £1,678.765 to £2,970,263. The total reserves held now represent more than eight months of expenditure. Designated Funds The Trustees may, with the approval of the Board, designate additional unrestrficted reserves to be retained for an agreed purpose where this is consSdered to be prudenL The designated reserves are reviewed on an annual basls and returned to the Unrestricted General Funds in the event that there Is no justification for their retention. A description of each fund together with its intended use is set out in Note 25. At the 31 December 2025, the total Designated Funds were £2,285,184 (2024: £2.254,685). Restricted and Endowment Funds As set out in Notes 23 and 24 the Board holds and administers several Restricted and Endowment Funds. At 31 December 2025. Restrirted Income Funds amounted to £2,534,235 (2024: £1,946,127) and Restricted Capital Permanent Endowment Funds amounted to £3,092,194 (2024: £2,976,815]. None of these funds are available for the general purposes of the Board. PRINCIPAL IUSKS AND UNCERTAINTIES TheTrustees are responsible for the identification, mitigation and/or managementof risk. To achieve this. a register of all risks identified is maintained and, alongside IL a management and mitigation Strate formed. This is reviewed regularly by the Trustees with the responsibility for delivery of the mitigation strategies identified by IL delegated to the Diocesan Secretary. The Risk Register has identified four areas where the risk of either fallure to act or the impact of the events is considered 'high'. These areas and associated mitigation strategies are: Under Collectlon of Ministry Share
Arrears are reported quarterlyand monitored by the Ministry Sharecommittee which reports to the Board. In addition, arrears are brought to the attention of the Archdeacons. The Diocesan Trustees/finance team with the involvement of the Archdeacons, contacts a Churches to discuss arrears or concerns regarding the payment of Ministry
THE ST DAVIDS DIOCES4N BOARD OF FINANCE rEnd IDec
Share and assists in reviewing the accounts and procedures and draws up a recommendation reporL A provision is made in the accounts foroverdue Ministry Sharewhich 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 decreased in the 2025 accounts from £1,495,702 to £1,420,960 to accommodate the donations made by churches. For Ministry Share arrears see debtor note 20. Under-Performance of Return on Investments Ongoing monitoring by the Board's Investment Adviser (Rathbones). Investment Sub Committee meets twice a year with the Board's Investment Adviser to discuss the Portfolio's performance. Non-Payment and/or Reduction of the Block Grant by the Representative Body Ensure thatthe conditions of the Block Grant are complied with. Regular liaison and discussion with the Representstive Body regarding any proposed changes. The Chairman and the Diocesan Secretary to monitor. Data Protection Appointment of a designated employee. Regular liaison with the Board'5 legal advisers. INVESTMENT POLICY The Diocesan Portfolio is managed on a discretionary management basis by Rathbones. The objective is to place importance on total return rather than a specific return on income or apital appreciation in isolation. 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 assets should be managed to at least maintain the real capital value, whilst generating a sustainable level of investment income to support St Davids Diocesan Board of Flnance activities. Where possible, the value of the assets should be enhanced as to at least keep pace wlth inflation over the longer term. The Board adopts a total return approach to investment. generating the investment return from income and capital gains or losses. It is expected that if in any oneyear the total return 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 perforniance is measured to a bespoke benchmark from the PTSE to the WMA balanced index; due to it is volatility.
THE ST DAVIDS DIOCESAN BOARD OF FINANCE Risk 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 (i.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 vehicles. The Board has accepted a medium degree of risk. The Trustees will tolerate volatility of the capitsl 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 restrictlons. 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 deterniined the following range of asset splits: Cash Fixed Interest Equities 0%_70 15%- 35% 53%- 80% Within the equity allocation, overseas holdings are permitted up to 50%. Asset 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 rnonitoring 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 appolnted Snvestment managers. The advisors understand that reasonable notlce should be provided to the Trustees in the event of the investment managers amending its fee and commission regime. The base currency of the investment portfolio is Sterling.
THE ST DAVIDS DIOCES4N BOARD OF FINANCE Liquidity Requirements Investment funds are generally not disinvested, their aim is to provide income and capitsl growth. Moneythat 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 anysignlficant amounts in cash unless requested for a specifjc projecL Monies can only be incorporated into the main portfolio on l of January, l of April, l of luly and l of October in any one year. Income that has accnjed in each month is to be transferred to St Davids Diocesan Board of Finance Legacies bank account within 30 days of the respective month end. Time Horlzon The Board is expected to exist in perpetuity and investments should be managed 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 communities. The Church in Wales wishes to have an investment policy that is ethical and consistentwith the furtherance 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 uselnvestments asan ethical means olcontributing to thecostofministry and mlsslon in the Province. The Trustees alm Is to invest in successful companies which are committed to developing thelr business in the interests of their shareholders, customers. local communities and employee5 by operating: Responsible employment practices. Conscientious corporate governance. Policies and practices whlch demonstrate a proper regard for the environment and for the well-belng of the created order. Policies sensitive to the human rSghts and well-being of individuals and communities in which they operate. Fair trading practices.
THE ST DAVIDS DIOCESAN BOARD OF FINANCE TRUSTE RT r Ended 31 Decemb or 25 In its policy for investment, the Church in Wales will use its best endeavours not to be associated with companies whoseproducts or policies conflictwith 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-being of animals. The Board recognisethe complexities surroundingthe activitie5 orcompanies inwhich Itmay invest and reserves the right to make investment decisions on a case-by-case basis. The Board will endeavour to engage with companies which are In actual or potential breach of this policy or where concerns exist over environmentsl, social and governance issues before considering disinvestmenL The Church In Wales wishes to be a well inforn]ed and responsible investor, and to this end Is represented on the Church Investors Group, which is a means 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 knowingly to invest in any company.. Which derives more than IO% of turnover from a primary focus on gamblin& 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 FINMCE Managemen¢ Reporting and Monitoring The Board has appointed a professional investrnent management finn to manage the assets on a discretionary basis in 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 produtr quarterly valuatlon 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 covered by the report (quarterly). A Transaction Schedule detalllng both purchases and sale Details of any non-market transactions and rlghts issues, capitalisations or other corporate actions. A detailed review of the market environment for the perlod including specific comment on the individual holdings in the portfollo and any other economic considerations that are relevanL The Board's Investment Sub Committee Is responsible for agreeing strategy 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 analysis of return, risk and asset allocation. Perforniance will be monitored against agreed benchmark (Rathbones bespoke benchmark). The investment manager 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 embodied in Section 3 of The Trustees Act 2000. All investments should be suitable and overall constitute a degree of diversification a5 required by Section 4 of the Trustees Act 2000. The Investment Sub-committee is to report formally to the Board's Executive Committee. The Board is considering the following short to medium term issues: Charities Act 2011 The Board is aware of the implications of this legislation on individual parishes and, in conjunction with the Representative Body of the Church in Wales. is advising and assisting parishes. Currently only those parishes with an income in excess of £IOO,000 have had to register. Parishes with 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 Registratlon Any land identified as being held by the Board will be reglstered 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 ST DAVIDS DIOCESAN BOARD OF FINANCE TR STEES. REPORT e Year En For 25 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. Diocesan Strategy The Bishop of St Davids and the Board work together to create and implement a strategy 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. "Pruning for Growth" is the current Diocesan Strategy it is a four-stage plan to audit the Diocese and also to look at where resources need to be targeted for the future and where inevitably pruning rneasures need to be taken. A special group known asthe GardeningGroup has been appointed to oversee this strategy, the DBF has representation on this group. The Strategywas launched ata special Dlocesan Conference in July 2024 and Stage One completed by the end December 2024. It is planned that Stage Two will complete by October 2025 and Stage Three by April 2026, wlth the final Stage Four completing by October 2026. Data Protection The Board continues working to identify and ensure that within the Diocese, all nformatlon/data held is in compliance with the Dats Protection Act and General Data Protection Regulation. URE EME The Board is a registered charity and a company limited by guarantee. MEMBERSHIP- COMPOSITION Members of the company are appointed for a three-year terni. Following adoption of the revised Articles of Association, the membership of the Board consists of:
The Bishop ChairTnan (Appointed by the Bishop) Eight Ex-officlo Members (the Dean, Archdeacons, Chair of Parsonage Board, Diocesan Dlrector of Education & Diocesan Registrar] Six Nominated Lay members (two from each Archdeaconry) Tr Three Elected Lay members (one from each Archdeaconry) Three Nominated Clerical Members (one from each geographical Archdeaconry) Four Co-opted Members (of which only one can be a cleric) MEMBERSHIP- INDucfioN AND TRAINING The Board has provided training lor its members appropriate to their duties both as Charity Trustees and as members of one ofthe Diocesan Committees and is developing a programme of continuing professional development COMMITTEES The St Davids Diocesan Board of Finance has the following Committees. li
THE ST DAVIDS DIOCE&4N BOARD OF FINANCE For the Year Ended 31 December 2
Executive Committee The Executive Committee is responsible for the management of the Diocesan finances and assets. Parsonage Board The Parsonage Board is responsible for the malntenance of all parsonages, their upkeep and repair and for buying and selling parsonages, as appropriate. Endowed Schools Committee The Endowed Schools Committee is a statutory committee and is responsible for providing rinancial support towards repairs and renovation projects in church schools, the direction of new projects and the management/disposal of redundant school properties. Investment Sub-committee The Investment Sub-CoTnmittee, with advice from the Board's Investment Advisers, is authorised to take alj decisions necessary to manage the investments of the Board within the strategyand policie5 of the Board. Ministry Share Appeals Committee The Ministry Share Appeals Committee is responsible for adrninistering the "Appeals Procedure" for Ministy Share Allocation. The Committee may, at its discretion, where historic Ministyshare arrears exist. but not as a result of formerappeals to the Committee or submission of incorrect statistics returned, entertain a submission to consider the historic circumstances that have given rise to the arrears. Human Resources Sub-committee The Human Resources Sub-committee is responsible for developing policles and procedures for lay staff, in line with the current legislatlon and good practice. Its remit covers theconsideration ofstafflnglevels atthe Diocesan Officeand thesalaries oflaystaff. Audit and Risk Committee The Audit Committee is responsible for reviewing the internal controls of the Board and reporting to the Executive Cornmittee any matters which have been raised by/discussed with the Board's Auditors following completion of the annual audit. The Committee also regularly reviews the Board's Risk Register, as well as matters relating to compliance and governance. Property Sub-committee 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. Finance Committee The newly formed Finance Committee is responsible for monitoring the current budget and planning for future budgets and expenditure. It looks at both the quantitative and qualitative impart ofaspects of Diocesan Life- it also plans for long term budgetary requirements. It is also responsible for monitoring the current levels ofarrears in Ministry Share and looking at ways these can be recovered. The committee actively engages with churches through the Local Ministry Area, Stewardship and Support Officer and the relevantArchdeacon. It also looks at 12
THE ST DAVIDS DIOCESAN BOARD OF FINANCE TRU EES. REPORT For the Year Ended 31 Dece how the Diocesan Board of Finance applies theolot0 its financial practicesand priorities looking at areas such as stewardship and giving. The group also looks at how the Board then communicates with the wider Diocese ensurtng clarity of message, consistency of language and the channels of communication that best suit the local churches and their officers.
Grants Committee The Grants committee oversees the Local MinistryArea Initiative Fund Grants, in linewith the Diocesan Strategy for Growth, a5 well as small grants relating to Children and Youth work. Crisis Management 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 Comrnittees. 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 need to meet since 2022 and is currently in abeyance. All committee remits were reviewed and revised in 2024. Name The St Davids Diocesan Board of Finance Company Registration No 242794 Charity Registration No 231239 Registered Office Diocesan Office Abergwili Carmarthen SA312JG Telephone Number 01267 236145 TRUSTEES / DIRECTORS The Trustees/Directors of the Executive Commlttee of the Board who served in the year to which this report relates are: MrsHALEvans Mr T l Llewelyn Mr N Roberts ProfessorA G Henley Chairman (Retired August 2025) Chairman (Appointed August 2025] Vice Chairman/Chair of Parsonage Board Vice Chairman (Appointed August 2025) The Right Reverend D P Davies President / The Bishop of St Davids 13
THE sr DAVIDS D[OCEN BOARD OF FINANCE Ex-officio The Very Reverend Dr S C Rowland Jones The Venerable P R Mackness The Venerable Dr M A R Hill The Venerable R H E Davies The Venerable M A Farah Mr A B C Davies Revd J R Cecil Diocesan Registrar Diocesan Director of Education Directors Mr N J Evans Mrs J A P Hayward Revd R W Maskell Revd S A Brett Mrs M Hughes Mr l D Evans Mr P M Hughes MrA E Howells Revd J E Parker Revd L l Bradley Mrs MR Morgan Revd D L Rees (Resigned 3rd july 2025) (Resigned 18th May 2026) (Resigned 3rd July 2025) (Appointed 3rd July 2025) (Appointed 3rd luly 2025) OTHER OFFICERS
Diocesan Secretary Mr H N Llewellyn Retired April 2026 Solicitors Carreg Law Limited 2 King Street Llandeilo SA19 6AA Bankers Lloyds Bank plc 43 King Street Carmarthen SA31 IBW Investment Advisers Rathbones I Cunon Street London WII 5FB Auditors Xeinadin Audit Limited 24 Lammas Street Carmarthen SA313AL 14
ThE ST DAVIDS DIOCES4N BOARD OF FINANCE 'REP KEY MANAGEMENT PERSONNEL The key management personnel of the Board at the year-end were Mr H N Llewellyn (Diocesan Secretsry), Mrs N M Evans (Finance Manager) and Miss E R O'connor (Admin and Property Manager). The remuneration of the key management personnel is set in line with the Pay and Grading structure adopted in 2012. The relationship between the Board and related parties is detailed in Note 35 to the accounts. RISK MANAGEMENT / IUSK REGISTER The Board has a rlsk register which identifies the major risks to which the Board is exposed; the scope of the risk: and identifies the systems and procedures which have been established to manage and mitigate those risks. This is currently under review. The Board considers that the principal risks are the non-collection of Ministry Share- anyvariance in the agreed level of the Representative Body grant and a potential under-performance of the return on investments, The Board also holds investments and land and bulldings 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 necessary. NE ND ENT INVE Details of this Fund are included in Note 23 to the accounts. RADI St David5 Diocesan Board of Finance has passed a resolutiontosetupatradingcompany-st Davids Diocesan Board of Finance (Property) Limited. All Trustees (directors) of the St Davids Diocesan Board of Finance are directors of the trading company. the Property Committee will act as a management committee. The matter of drawing up a lease for the properties concerned is currently with the Board's Solicitors. 15
THE ST DAVIDS DIOCE&4N BOARD OF FINANCE On the 10th Ortober 2022, Manorbier School had caught fire. A]1 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 incidenL The Schoolhouse sustained significant damage and the property is considered strurturally unsafe. The tenants are residing in temporary accommodation. Negotiations are ongoing with Insurance providers Ooss adjusters) and the County Council. It is unclear atthis time whether the propetywill be able to be reinstated. MANAGING FINANCIAL IMPACT GOING FORWARD The Board was extremely fortunate to have received substantial support from the Representative Body of the Church in Wales (RB] in form of Structural Resilience Grants and. A more forensic review of expenditure to identify areas of savings had been carried OUL Identifying to what extent should Reserves be used. As part of its ongoing financial planning and budgeting the Board is constantly exploring ways to create new and alternative income generation sources. 16
THE sr DAVIDS DIOCESAN BOARD OF FINANCE TEE 'REP RT F r the Year Ended 31 December 02 TATEMENT TEES. RESPONSIBI IES The Trustees (who are also directors of SL Davlds Dlocesan Board of Finance for the purposes of company law) are responsible for preparing the Trustees, Report (incorporating the directors, report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including FinancSal Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ire1¢7nd (United Kingdom Generally Accepted Accounting PractSce). 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 suitsble 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 inapproprlate to presume that the charitable company will continue in business. The Trustees are responsible 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 safeguardingthe assets of the charitable company and hence for taking reasonable steps 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 Compan$ 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. DIT The auditors, Xeinadin Audit Ltd, have indicated that they are willing to be re-appointed at the forthcomingAnnual General Meeting. BY ORDER OF THE BOARD Mr T J LLEWELYN - CHAIRMAN Date: 11112 17
ThE ST DAVIDS DIOCESAN BOARD OF FINANCE DEPENDENT AUDITORS, REPORT MEMBERS OF THE ST DAVIDS DIOCE AN BOA F FINAN Opinion We have audited the financial statements of The St Davids Diocesan Board of Finance (the 'charitable company,) for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance 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 Stsndards (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 2025 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 wlth the requirements of the Companies Act 2006. Basis for oplnfion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are furtherdescribed in theAuditors' responsibilities fortheauditof the financial staternents section of our report. We are independent of the charitsble 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 fulfilled our other ethical responsibilities in acc(yrdance with these requirements. We believe that the audit evidence we have obtained is sufficient and approprlate to provide a basis for our opinion. Conclusion relatlng to golng concern In auditing the financial statements, 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 contlnue as a going concern for a period of at least twelve months froTn 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 reporL Other infornjatlon The trustees are responsible for the other information, The other information comprises the information included in theAnnual ReporLotherthan the financial statements and our Report of the Independent Auditors theTeon. Our opinion on the financial statements does notcover theother information and, except to the extent otheNise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 18
THE ST DAVIDS DIOCESAN BOARD OF FINANCE In connection with our audit of the financial statements, our responsibility is to read the other informatlon 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 misststement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infonnation, we are required to report that facL We have nothing to report in this regard. Opinions on other matters prescribed 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 material misstatements 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: adequate 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 disclosures 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 ofthe small companies exemption from the requirement to prepare a Strategic Report or in preparingthe Report ofthe Trustees. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees deterniine is necessary to enable the preparation of rinancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitsble 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 aguarantee that an audit conducted in accordance with ISAS (UK) will always detert a 19
THE ST DAVIDS DIOCES4N BOARD OF FINANCE material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis 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 irregularities, including 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 obtaining audit evidence that is sufficientand appropriate to provide a basis for our opinion. Identifylng and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respert of irregularities, induding 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 and performance tsrgets; results of our enquiries of management about their own identification and assessment of the risks of irregularities any matters we identified having obtaRned 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 arnong the audit engagement team regarding how and where fraud might occur in the financial statements 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 (UK), we are also required to perforn) specific procedures to respond to the risk of management override. We a150 obtained an understanding of the legal and regulatory frameworks that the Charity operates in. focusing on provisions of those laws and regulations that had a direct effect on the deterniination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Art 2006, FRS 102 Charity SORP. In addition, we considered provisions of other laws and regulations that do not have a direct effert on the financial statements but compliance with which may be fundamental to the Charity's ability to operate or to avoid a materlal penalty, These included compliance with Health and Safety legislation. Ernployment legislation and Data protection laws (including General Data Protection Regulation (GDPR)). 20
THE ST DAVIDS DIOCES4N BOARD OF FINANCE Audit response to risks identified As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identifted included the following: reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; carrying out walkthrough. transaction testing 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 indicate risks of material misstatement due to fraud; reading minutes of meetings of those charged with governance and the sensor management team; In addressing the risk of fraud through management override of controls, testingthe appropriateness of journal entrles and other adjustments; assessing whether the judgements made In making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws, regulations, and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audiL A further description of our responsibilities for the audit of the financial staternents is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our auditwork has been undertaken so thatwe might state tothe charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose, To the fullestextentperrnitted bylaw,we do not acceptor assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audlt work, for this report. or for the opinions we have formed. AJ. LLL Mark Jones BSC BFP FG4 (Senior Statutory Auditor) forand on behalf of Xeinadin Audit Limited Statutory Auditors and Chartered Accountants 24 Lammas Street Carmarthen CanTAarthenshire SA313AL Date: ................ 21
TrIE ST DAVIDS DIOCESAN BOARD OF FINANCE STATEMENT OF FINANCIAL AcllviTIES For the Year Ended 31 December 2025 Note Unre5trirted Restrlcted Total capal Permanent Endowment Funds 2025 General Fund5 Oeslgnated Funds Income Funds Funds 2025 2025 2025 2025 INCOMEAND ENOOWNENTS FROM: Donatlons and Le8acles 3,851,366 20,162 373,562 4,245,090 CharItsb Actovltles 1,300 1,3( In¥Estments 186,008 92,485 263,314 60.657 602,465 Other SoUrs 20.212 87,(X)4 107,216 TOTAL 4,058,886 112,647 723,881 fJ).657 4,956.071 2024 2024 2024 2024 2024 INCOME AND ENDOWMENTS FROM: DDnatlon$ and Le8acie5 3.750,522 436.933 4.187.455 Charitsble Actiwtles 2.6CQ 3,097 5,697 Investments 182.464 105.879 217.171 58,605 564,118 Other Sources 7,838 979 8,817 TOTAL 3.943,424 108,976 655.082 58.605 4,766,088 22
THE DAVIDS DIOCESAN BOARD OF FINANCE STATEMENT OF FINANCL4L ACTivmE5 For the Year Ended 31 December 2025 Note UnrestrKted Restrfcted Total Capftal Permanerrt EndDwment Funds 2025 General Funds Desl8nated Funds Income Funds Funds 2025 2025 2025 2025 EXPENDITURE ON: Ralslng Funds 6.955 10,IS7 617 17.228 34.957 Charftable ArtlvStie5 support for Ministry 3,672.112 1,124382 4,796.494 Suppllrt for Parishe5 61,242 124,530 73.673 259,445 Church Propertv io 97.006 67,290 164,296 Othèr Financial Support li 258,023 258,023 Communtcation 12 58,170 S8.170 Other 13 181.154 181,154 TOTAL 4,153,507 134,687 1,265,962 198.382 5,752,538 2024 2024 2024 2024 2024 EXPENDThURE ON.. Raislng Funds 6,787 9,912 602 17,156 34,457 Charltable ActMtle5 Support for Mini%try 3,469,674 2,676 1,274.572 4,746.922 Support for Parishes 187,399 53,101 46,326 286,826 Church Pioperty io 103,684 84.769 188,453 Other Financial Support li 249,231 249.231 Communicatio 12 52,633 52,633 Other 13 20 13,290 72,998 86,308 TOTAL 4.069.408 65.709 1,419,559 9),154 5.644.830 23
THE sr DAVIDS DIOCESAN BOARD OF FINANCE STATEMENT OF FINANCIALAcfiviTIES For the Year Ended 31 December 2025 unstrICted Re5trlcted Total Capitsl Permanent Endowment General Funds De5i8nated FuThJ5 Income Funds Funds Funds 2025 2025 2025 2025 2025 INCOME IIEXPENDITUREI BEFORE INVEStMENT GAINS 194,6221 122.0401 1542,0811 1137,7241 1796,4681 NET ILOSSESI ON INVESTMEN15 18 1,37S.596 122,814 7,455 2.908 1.770.773 INCOmEIIEXPENDUftEj 1,280,974 IW,774 1534,6261 127,184 974,305 TRANSFERS BThEEN FUNDS 24125 1450,1541 170,2751 532,234 111,8051 GAINYLOSSSES ON REVALUAnON 590,5(X) 590,5( mOVEmEIN FUNOS 830,820 30,498 588.108 115.379 1,564,805 Totsl Funds Brought Fowdrd 4,958,291 2.254,685 1,946,127 2,976,815 12,135.919 TOTAL FUNDS CARRIED FORWARD 5,789,112 2.285.184 2.534.235 3.092.194 13.700.724 2024 2024 2024 2024 2024 NET INCOME IIEXPENDITUREI BEFORE INVESTMENT GAINS 1125,9841 43,267 1764,4761 131,5491 1878.7421 GIN5 ON INVESTMEKrs 57,174 83,494 5,068 131.033 276,769 NET INCOMEIIEXPENDITUREI 168,8101 126,761 1759.4081 99.484 1601.9731 TRANSFERS BETWEEN FUND5 24125 1400,2001 1104.3111 515,752 111,2411 NmoVEmE IN FUNDS 1469,0101 22,450 1243,6561 88.243 1601.9731 Totsl Funds Brought Fonvard 5.427.3CO 2.232.234 2,189,785 2,888,574 12,737,892 TOTAL FUNDS CARRIED FORWARD 4,958.291 2,254,685 1.946.127 2,976.816 12.135,920 24
THE ST DAVIDS DIOCESAN BOARD OF FINANCE SUMMARY OF INCOME AND EXPENDITURE ACCOUNT AND STATEMETrif OF CHANGES IN EQUITY For the Year Ended 31 Deomber 2025 2025 2024 Gross Income (per SOFA) 4,956,071 4,766,088 Expenditure Iper SOFA) 15,752,5381 15,644.8301 Operating (Deficitllsuiplus For the Year 1796,4681 1878,7421 Reallsed Gains on Invesfftnts Realised Eainsllosses on Investments Realised gains on investment properties Realised 83ins on fixed assets 1,092,619 37,263 1.092,619 296,151 37.263 1841,4791 Unreallsed Galns on Investmènts Revaluation ILossllGain on Investment Property Unrealised GainsllL05ses1 on Investments Revaluation ILossl on Fixed Assets Valuation of Properties Introduced 1.291,498 122,8441 239,506 1,268,654 239,506 IDEFICMISURPLUS FOR THE YEAR 1,564,805 1601,9731 None of the charity's activities were acquired or discontinued during the above two financial years. A statement of financial activities is shown on pages 22 to 24 to the financial statements. 25
THE ST DAVIDS DIOCESAN BOARD OF FINANCE BALANCE SHE For the Year Ended 31 December 2025 Note5 2025 2025 2024 2024 FIXED A$Ss Tangible Assets Investments Long term debtor5 17 18 19 807,101 9,769.084 116.275 218,377 8,169,142 21L998 10,692,4FJ) 8,599,516 CURRENT ASSErs Debtors Cash at Bank and in Hand 20 378.525 4,290.(J)2 289,161 4.890,194 4,668,527 11.543,9881 5,179,355 11.436.677) CREDITORS.. Due Within One Year 21 NEf CURREW ASSETS 3,124,539 3,742,679 TOTALASSEfs LESS CURRE LIA8IUnES 13,816,999 12,342.195 CREDrrofts- Due More Than One Year 22 1116.2751 1206,2751 ASSEts 13,7th),724 12,135.920 FUNDS Restricted Capltal Endowment Fund5 Restricted Income Funds Designated Funds Unrestricted Funds Investment Property Reserve Fund General Funds 23 24 25 26 3,092,194 2.534,235 2,285,184 2,976,816 1.946,127 2.254,685 2.970,263 2,818,849 1.678,765 3,279,526 5.789.112 13.700,724 4.958,291 12,135,920 26
THE sr DAVIDS DIOCESAN BOARD OF FINANCE BAL4NCE SHE For the Year Ended 31 December 2025 The company is entitled to the exemption from the audit requirement contalned in section 477 of the Companies 2006, For the Year Ended 31 December 2025, although an audit has been carried out under section 144 of the Charities Act 2011. The trustees acknowledge their responsibilities complying with the requirements of the Companies Art 2006 with respect to accounting record5 and the preparation of financial statements. The members have not required the company to obtain an audit of it5 financial statement5, under the requirements of the Companies Act 2006, for the year In question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on lol TIMOTHY JAMES LLEWELYN ICHAIRMANI NIGEL ROBERTS IDIRECTORI Company Re8lstratlon Number 00242794 27
THE ¥r DAVIDS DIOCESAN BOARD OF FINANCE CiSHFLOW STATEMENT For the Year Ended 31 December 2025 Notes 2025 2025 2024 2024 28 Net Cash provlded byllused Inl operatln8 actlvbtbes 11.615,331 11,275,166) Cash flow from investlng artlvittes: Dividends, interest and rents from investments Purchase of property, plant and equipment Proceeds from the sale of fixed assets Proceeds from the sale of investments Purchè5e of investment5 602,465 $64,117 1,Is,361 1803,6411 1.816,870 11,758.9891 Net Cash provlded byllused Inl Inve5bn8 actlvltles 989,185 621,998 Ca5hflows from flnanclng actlvltle5: Receipt of endowment Chan8e in cash and cash equlents in the rÈportln8 perlod 1626.1461 1653,1681 Cash and cash equlvalents at the beglnnlng of the reportlng perlod Cash and cash equlvalents at the end ofthe lertIn8 perlod 28 4,922,766 5.575,934 4,296,620 4,922,766 The note5 on pages 29 to 56 form part of the financial Statements 28
THE ST DAVIDS DIOCESAN BOARD OF FINANCE FINAN or l Accountlng policie5 Charlty Infomation The charity isa prlvate company limited by guarantee incorporated in England and Wales. The registered office is Diocesan Office. Abergwili, Carmarthen, Carmarthenshire. SA3121G. BASIS OF ACCOUNTING The financial ststements have been prepared in accordance with the charitys governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" {"FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective l January 2019). 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. Monetaryamounts in these financlal statements are rounded to the nearest £. The flnanclal statements have been prepared under the historical cost convention with the exception of freehold properties, which are included at their fair 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 concerD 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 concern basis of accounting in preparing the financial statements. INCOME All income is included in the SOFA when the charity is legally entitled to the income, ultimate receipt is probable and the amount can be quantified wlth reasonable accuracy. The following specific policies are applied to particular categories of income: Ministry Share Ministry Share is recognised as Income In the year in which it is receivable. Legacles Legacie5 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 Receivable The charity receive5 grants from the Welsh Governmenttowards the building costs ofchurch schools and from the Representative Body of the Church in Wales towards the management costs of the Board of Finance. Grants are recognised 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 receivable. EXPENDITURE All expenditure is included on an accruals basis recognising when there is a legal or constrnctive obligation to pay for expenditure. All costs have been dirertly attributed to one of the bjnctional categories of resources expended in the SOFA with the exception of support costs which comprise management and administration COS These have been apportioned over charitsble activity expenditure on the basis of costs for each category 29
THE 5r DAWDS DIOCESAN BOARD OF FINANCE TES TO THE FIN For ATEME cember 202 31D prior to the inclusion of support costs. The charity is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT. TANGIBLE FIXED ASSETS Land and Buildlngs Freehold property is included at its revalued amount as the Trustees are of the opinion that this gives an accurate reflertion of its fair value. as it is the Trustees, policy to ensure these properties are fvlly malntslned. No depreclation 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 value. As a resulL the corresponding deprec12tRon charge would not be material and therefore is not charged in the SOF Leasehold premises are amortised over the term of the lease. Reverters Where on the disposal of properties held by the charity as custodian Trustee, revertèrs exist, the proceeds of dlsposal, net of all costs and taxation, are remitted to the revertee. Investigation into the reverter status is made a5 and when such properties are returned to the custodian Trustee. Heritage A55etS The Board holds land and buildiDg5 as custodian Trustee and derives no financial benefit from these assets unless or until disposed of. Other properties held bythe Board, which consist of church 2nd school properties, are classified by the Trustees as heritage assets under the terms of SORP FRS 102. Following the publication of SORP FRS 102 - sertion 18 - Heritage Assets, the Executive Committee of the St Davids Diocesan Board of Finance has reconsldered the nature of its heritage assets. Many of these properties were acquired without cost as a result of bequests or transfers and the Executive Committee doe5 not consider it practical or appropriate to attribute any vue to them in view of the significant costs involved in the reconstruction or analysis of past accounting records and the onerous nature of the valuatlons compared with the additional benefit derived by users of the accounts. Expenditure which, in the Executive Committee's view, is required to prevent deterioration of these assets Is recognised in the Statement of Flnancial Activities when it Is incurred. Office Furnlture and Equipment Office furniture and equipment is stated at cost less depreaation. Depreaation is provided at a rate calculated to write off the cost of those assets, less their estimated resldual value, over their expected Useful lives at 10%- 33%% straightline. From l January 2010 it has been agreed that office furniture and equipment costing less than £1,000 will be written off in the year of purchase. INvEmENTs Marketable investments are Shown at fair value (that is their middle market value) at the balance sheet date. The net surylus or deficit on revaluation during the year is pro-rated to the specific fund, based on the number oFunits. 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 initSally recognised at cost. which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficlt on revaluation is recognised in profit or loss. 30
THE ST DAVIDS DIOCE&4N BOARD OF FINANCE TES IAL STATEME CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash in hand, deposits held at call wlth 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 ndS of the defined contribution scheme are held in funds separate to those of the charity in independently administered fund& The pension c05t charge represents the amounts payable by the charity to the funds in respect ofthe year. EMPLOYEE BENEFITS The costs of short-term employee benefits are recognised as a liability and an expense. unless those costs are required to be recognised as part ofthe cost ofstock or fixed assets. The cost of any unused holiday entltlement is recognised in the period in which the employee's servlce are received. Tertnination benefits are recognised immedÉately as an expense when St Davids Diocesan Board of Finance is demonstrably committed to terniinate the employment of an employee or to provide termination benefits. BAD DEBTS A provlslon Is made for debtor balances Rf amounts are deemed irrecoverable. Ministry share arrears not settled p05t 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 surpluse5 on any trading activities carrSed on In furtherance of the Charitys primary objectives, If these profits and surpluses are applied solely for charitable purposes. OPERATING LEASES Renta15 applicable to operating leases where substantially all the benefits and risk of ownership remain with the lessor are charged to the statement of financial activities on a straight line basis over the period of the lease. FUND ACCOUNTING Funds held by the charlty are.. Unrestricted General Funds- these are funds which can be used in accordance with the charitsble objects at the discretion of the Trustees. Designated Funds- these are funds which have been transferred from the Unrestricted General Funds to be used in accordance with the charitable objects at the discretion of the Trustees. Restricted Income Funds- these are funds that can only be used for particularrestrirted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restrirted purposes. Restricted Capital Pern)anent Endowment Funds- these are funds which have been entailed over many years and relate in the main to fund5 held on behalf of parishes. Investment returns are released to the parishes, where applicable. When returns are not released, they are retained by the Board within this Fund. Any capital gains or losses arising on the investments form part of that fund. Investment management charges relatlng to the fund are charged agalnst the fund. Further explanation of the nature and purpose of each fund is included in the notes to the accoun 31
THE ST DAVIDS DIOCESAN BOARD OF FINANCE TE Financial Instruments The charffity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised Rn the charity'5 balance sheet when the charity becomes party to the contractual provisions of the in5trumenL Finand21 assets and liabilities are offset. with the net amounts presented in the financial statements. when there is a legally 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. Baslc flnandal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost U5iDg the effertive interest method unless the arrangement constttutes a financing transaction, where the transaction is measured at the present value of the tUre receipts discounted at a market rate of interest. Financial assets classifled as receivable within one year are not amortised. Basic financlal liabilities Basic financial liabilities, includlng creditors and bank loans are initially recognised at traDsartion price unless the arrangement constitute5 a financing transaction, where the debt insmjment is measured at the present value of the fijture payments discounted at a market rate of interesL Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost using the effectlve Interest rate method. Trade creditors are obligations to pay for goods or services that have been acqulred in the ordinary course of operations frorn suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initi211y attransaction price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of financial Ilabllltles Financial liabilities are derecogni5ed when the charitys contractual obligations expire or are discharged or cancelled. Prior Perlod Adjustment There were no prior period adjustments. 2 Crltlcal accountlng estlmates and judgements In the application of charitys accounting policies. Trnstees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevanL Actual results may dlffer from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estlmates are recognised in the period in which the estimate is revised where the revlslon affects only that period. or kn the period of the revision and future periods where the revision affects both current and fvture periods. 32
THE ST DAVIDS DIOCES4N BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMEMfs Iconvdl For the Year Ended 31 December 2025 Notes Unrestrirted General Deslgnate Funds Fund Re5trlcted Totsl Funds Incor Funds Caprtal Endowment Funds Donatlons and L8cleS 2025 2025 2025 2025 2025 Mlnlstry Share RB.. Partner5hlp Fundin8 RB.. Structural Resilience Fundlng RB.. Additional Support RB.. Improvement Fund RB.. Evangelism Fund Grant Grants Church Repalr Grant Legacies Donations Contributlon 3.V36.711 178,5CN) 547.056 3,096.711 178.5CQ 547.056 292.3CKI 292,30) 15,327 18.733 62,5(X) 34,060 62,5Q) 4.835 30 4,865 29.099 29,CS9 3.851,366 20,162 373.562 4,245.09) Donations and Le8acies 2024 2024 2024 2024 2024 Minlstry Share RB.. Partnership Fundin8 RB.. Structural ReSlIenCe Fundlng RB.. Addltional Support RB.. lrnprovemenl Fund RB.. Evan8ellsm Fund Grant Grants Church Repalr Grant Legacies Donations Conrribution 2.897.788 170,OLY) 660,234 2,897.788 170.OC(> 660.234 309,040 40,325 25,017 62.500 309.040 40.325 25,017 62,5CQ 51 51 22,500 4.187.455 22.500 3.750,522 436,933 Charttsble Active5 2025 2025 2025 2025 2025 Cha aInCY Fees Fees Fundraising Events Sale of Publications 1.31)0 1.300 1,31Kl 1.300 arrtable A¢tMties 2024 2024 2024 2024 2024 Chaplalncy Fees Events 2.600 3,r£7 5.697 3,1737 3,097 33
NOTES TO ThE FINANCIAL STATEMEPN5 Icont'dl For the Year Ended 31 Deomber 2025 Notes Unrestrirtèd General Deslgnated Fund5 FuThl Restrfcted Total Funds Incorne Funds Capltal Endowment Funds 5 In¥estrnert5 2025 2025 2025 2025 2025 Rents Received RB Cornmon Investment Fvnd DBF Comrn<)n Investmenr Fund Rents Reteived.. Parsonage 8oard Interest Reallsation of Trusts 107,196 199 20.610 127.81 199 108,135 2CN).778 123,547 42,000 f2,465 21,546 34,420 1.924 2(KJ.778 40,(N)3 50.245 57.067 16,C65 42,(KJ) 92,485 10,412 186, 263,314 60,657 5 Investments 2024 2024 2024 2024 2024 Rents Received R8 Comrnon Investment Fund DBF Common Investment Fund Rents Received.. Parsonage Board Interest Realisation of Trusts 94.388 196 23.237 20,620 115.008 196 112.448 138.360 147,342 50.765 $64.119 37,931 2,075 138.360 S6,116 49,205 64,643 17.183 50,765 105,879 9,400 182.464 217.171 S8.15 6 Othersour 2025 2025 2025 2025 2025 Contrlbuiion.'H(xJsin8 Assoclatlon Prtxeeds from the le of assets Adrrinistration Fee.. Sale of Property Marriage CenCeS Sundry Income 7,622 7,622 4,775 240 7,575 20,212 4,775 240 94.579 107,216 87,C04 87,IJ04 6 Othersources 2024 2024 2024 2024 2024 Conrribution'.Hou5ing Association Proceeds from the sale of assets Administration Fee.. Sale of Property Marrlage Llcences Sundry Income 7,259 7.259 350 229 350 1,208 8.817 979 7,838 979 34
TrIE ST DAVIDS DIoCEN 80ARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS Icont'dl Forthe Year Ended 31 Deomber 2025 Notes Unrestricted Genernl Deslgnated Fur#ls Fund Re5trltted Total FurhJ5 Incorne Funds Capltal En&)wment Funds 2025 2025 2025 2025 2025 7 RaislnB Fund5 6.955 10,157 617 17.228 34.957 7 Palslng Funds 2024 2024 2024 2024 2024 6.787 9912 602 17,156 34A57 8 p*)rt for Mlnistry 2025 2025 2025 2025 2025 Stipend5, Fees & Pensions: Stipends Vacarty Fe Suréry Property.. Council Tax Parsona8e Board Insurance on Parsona8es SurKIry Evangelism Bid- Centre of Mission Clergy Expenses.. aergylchaplalns Expenses RemovallDi5turbance A51owance Archdeacons and Area Deans Recfuitmentcosts Tralnin8'. Drdinands/NSM LayTrainin8 CMD/voc3tions Adv15ers Spiritual Directors 2.592,949 9.148 2,592,949 9.148 222.552 222.552 1,123,226 31,869 1.123,226 31,869 1.156 1,156 24,650 90.651 30.865 4.057 24,650 90,651 30,865 4,057 2.864 15,663 2,864 15,663 Support Costs IDireLtI Support Cost All£xation io,iii 630.293 3.672.112 io,iii 630,293 4,796,494 1.124,382 3S
THE DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL sfATEMENTS Iconvd) For the Year Ended 31 December 2025 Nrtes Unre#rftted General De51gnated Fund5 Fund Restrlcted Total Funds Income Funds Ca1 Endowme Fvnds 8 Support fw Ministry 2024 2024 2024 2024 2024 Stipends. Fees & Penslon5.' Stipends Vacancy Fee5 Sundry Property.. Council Tax Parsonage 8oard Insurance on Parsonage5 Sundry Evan8elism Bid- Centre of Mission Clergy Expenses-. Clergylchaplains Expense5 RemovallDisiurbance Allowance Archdeacons and Area Deans Recruitrnent Costs Trainin8'. OrdinandslNSM Lay Training CMD/Voc8tions Advisers Splritual Directors 2,418.951 10,999 2.418,951 10,999 199.598 199,598 1.189,883 27,819 4,575 93,095 1,189.883 27.819 4,575 84.689 27,533 99,411 28,517 3.722 2,221 29,754 99,411 28,972 3.722 455 14.464 961 17,780 14,464 961 17.780 Support Costs IDirectl Support Cost Allocatlon 11,038 595,91M) 3,469.674 11.038 595,9(N) 4,746922 2,676 1,274,572 36
THE 5T DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIALSTATEMEKfs Icont'dl For the Year Ended 31 December 2025 Ne$ Unre5trftted General Desi8natèd Fund5 Fund Rexricted Totsl Fvnds Incorne Funds Cawl Endowment Funds 9 SuppDrt for Partshes 2025 2025 2025 2025 2025 Settor Ministry Costs Safeguarding Grants to Parishes Legal and Professlonal Fee5 Dlocesan Strate8Y Chlldren 3nd Youth Fundin8 and Parish Support Support costs IDirectl Support cost allttation 7,388 4(K) 15.290 7,388 4CK) 129.439 40,477 73,673 23,637 60,416 23.637 60.416 38,165 61,242 38,165 259.445 124,530 73,673 9 Support for Parfshe5 2024 2024 2024 2024 2024 Sector Ministry Costs Safeguardin Grant5 to Parishes LE8al and Professional Fees Diocesan Strategy Children and Youth FvndSng and Parish Support Support costs (Dlrectl Support C05t allocation 10.662 41 10,662 41 63.947 36,037 24.880 10,600 104.569 17,621 46.326 36,037 24,880 10.6(K) 104,569 36.090 187,399 36,090 286.826 53,101 46.326 37
THE ST DAVIDS DICCE&4N BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS Icont'dl For the Year Ended 31 December 2025 Unrestri¢ted General Desl8nated Funds Fund Re5trlcted Totsl Funds Incorne Funds Capltsl EThYowment FLmds 10 Churth Prc*Jerty 2025 2025 2025 2025 2025 OJ5todian Expenses Diocesan Advisory Committee Investment Propertv.. Maintenance Expenses Insurance Premiurns le8al & Professional Fees other Buildings." Repairsllnsurance Church Schools (Open and Closed) 3-16VA School in St Davids Support Costs (Dlrertl Support cost allocation 23,112 23.112 23.895 5,528 19.139 23,895 5,528 19.139 67,290 67.290 295 25.038 97,¢X16 295 25.038 164,296 67,290 10 Clr¢h prortY 2024 2024 2024 2024 2024 Custodian Expense5 Diocesan Advisory Comrnittee Investrnent Property.. Maintenance Expenses Insurance Premlurns Le8al & Professional Fees Other Buildings= Repairsllnsurance Church Schools Iopen and Closed) 3-16 VASchool in St Davids SupKK>rt Costs Itlirectl SUPrn cost allctation 262 21.252 262 21,252 32.858 11.963 13.308 32,858 11,963 13.308 71.667 13,102 ?1,667 13,102 376 23,665 188.453 376 23,665 103,684 84.769 38
THE ST DAVID5 DIOCESAN BOARD OF FINANCE NOTESTO THE FINANCIAL STATEMENTS Icont'dl For the Year Ended 31 December 2025 Notes Unrestrlcted General Cwl8nated Funds Fund Restria•d Totsl Fund5 Income Funds Capltal Endowrnert Funds 11 Other Rnandal p¢rt 2025 2025 2025 2025 2025 Grants= Church in Wales Bodies Grants-. An8lIcancUrnenlCal/0ther Other Grant5 Support Costs IDirertl SLtpport cost allocatlon 191.087 191,087 33.340 5CM) 33,096 258.023 33.340 500 33,096 251023 11 Other Thnandal gap 2024 2024 2024 2024 2024 Grants.. Church in Wale5 Bcdies Grants.. Angli¢an/EcumenicallOther Other Grants Support Cost5 (Directl Support cost alloc*ion 174,474 174.474 42,960 42,960 31,297 249.231 31,297 249.231 12 Communlcatlon 2025 2025 2025 2025 2025 Newsletter51Dic(es3n Publication5 Year Book Support Costs IDire¢tl Support cost allocation 18.602 18,602 37.614 1.953 58,170 37.614 1.953 58,170 12 Communlcatlon 2024 2024 2024 2024 2024 NewsletterslDiocesan Publications Year Book Support Costs IDirecrl Support C05t allocation 15,193 15.193 35.253 2,187 52.633 35.253 2.187 52.633 39
THE ST DAVIDS DIOCESIN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS Icont'd) For the Year Ended 31 December 2025 Note5 Unre5trl¢ted General Deslgnateil Fund5 Fund Resffirted T¢)tal Fund5 IrKome Funds Capltsl Endwment Funds 13 Other 2025 2025 2025 2025 2025 Payment of Trust Income Realisation ol Trust Capitsl Payment of le8acies Bank charges 49,899 131.255 49,899 131.255 181.154 181.154 13 Other 2024 2024 2024 2024 2024 Payment ofTrust Incorne RealIsati of Trust Capital Payment of Legacie5 BankCh8rges 22,233 50,765 22.233 5D.765 20 13,290 13.310 86.308 20 13.290 72.998 40
THE ST DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS Iconvdl For the Year Ended 31 December 2025 14 FUNDING AND PARISH SUPPORT 2025 2024 Rebale5 Increase in Unpaid Ministry Share Provision Ministry Share not requested Ministry Share Write Off 104,889 ID4.889 104,889 104.889 SUPPORT C05rs 2025 2024 Salaries and Related Payments Travelling Expenses Expenses Staff Mefflbers office Cleaning Heating and Lighting Telephone Printin& Stationery and Office Sundries Posta8È Ground Rent of Offices Water Rates oFtice Security Insurances liTrcluding Trustees Indemnity Insurance) Depreciation Repair5 and Renewals Legal and Professional Audit Fee Training Courses Bank Charges and Interest Miscellaneous Roorn Hire Diocesan and Archdeacons Registrar5 Expenses Computer Software and Support Office Equipment Grantfinder Go)verning eody Meeting Expenses Translation Fees Diocesan Conferernce Enthronement Cost5 Other Sundry Expenses Medical Fees Contribution to Support Costs from Restricted Funds 484.008 1,957 2.265 4,965 9,227 9,967 12,214 2.281 18,000 1.748 471,641 1,496 5,577 3,714 12,099 8.545 11,236 628 18,OLX) 1.415 11,541 23,007 14.564 45,617 15.768 2,589 11.916 27,658 7,837 5,094 13,740 3.274 181 33.130 19,585 4.570 30.589 16.377 1.537 3,356 755 6.968 13,537 6.632 288 189.9381 3.298 7.738 124 381 728.544 599,201 Governance costs included within the above support costs 56,636 54.653 41
THE ST DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS Icont'dl For the Year Ended 31 December 2025 16 MINISTRY SHARE RECEIVA8LE Openin8 Balance l January 2025 Mlnlsty Share Pald C1oslng Balance 31 Dmber 202S Ministry Share 2025 2025 2024 DAVIDS ARCHDEACONRY Cathedral South West Pembrokeshire Narberth & Tenby R005e Greater Dewisland Daugleddau East Landsker 11.6561 69.042 170,291 243,370 95,240 137,820 714.107 176.498 296,636 257,874 189.555 165,176 133.480 1,219,218 1175.3651 1300,5791 1258,6381 1209.9531 1167,7361 1139.3641 11,251,635) IS231 65,099 169.527 222.973 92,680 131,93S 681,691 187,771 328.580 285,512 172,323 177,952 121,345 1.273,483 TOTAL cAROAN ARCHt)EACONRY Bro Teifi Bro AercTrn Mydr Glyn Aeron IBro Aeron Icoastalll Bro Wyre Aberystsvyth 8ro Padarn Lampeter Emlyn IDyffryn Terfil TOTAL 124,469 31.276 53,835 38.805 4,164 28,773 51.806 56,181 389.309 233,349 70,422 123,061 70.012 241.115 157,045 190.046 136.780 1,221,829 1228,9141 171,2151 1124,1431 169,7191 1240,0841 1157,1701 1189,3611 1137,3441 11,217,950) 128,904 30,493 52.753 39.098 5,195 28,648 52,491 55,617 393,188 258,262 64.020 111,874 63,647 266,891 142,768 172,769 124,345 1.204.576 CARMARTHEN ARCHDEACONRY Bro ttyfri Bro Arnan Bro Lliedi Bro Gwendraeth Bro Glannau Tywyn Bro Cydweli Bro Dinefwr Bro Caerfyrddin Bro SanCr 12,2641 33,447 91,480 31,296 8,344 81,014 5,079 39,332 23,502 311,230 156,363 138,935 171,625 118,316 142,532 161,402 145.917 161,402 121,616 1,318,109 1158,2051 1137,9281 1188,0981 1126,4461 1147,2971 1170.7321 1145.3891 1164,8341 1135,5721 11,374,500) 14,1061 34,454 75.007 23.166 3.579 71.684 5.608 35,900 9,545 254,838 142,149 126.30S 189,680 107.560 141,256 160,224 132.652 163,794 110,560 1,274,180 TOTAL ARCHDEACONRYTOTALS 5r DAVIDS ARCHDEACONRY CARDIGAN ARCHDEACONRY CARMARTHEN ARCHDEACONRY DIOCEW TOTAL 714,107 389,309 311,230 1.414,646 1,219,218 1.221.829 1,318,109 11,251,635) 11.217.950) 11,374,500) 3,844,086 681,691 393,188 254.838 1 329 717 1,273,483 1.204.576 1,274,180 3.752,239 Opening and closing balances include amounts received in advance. Paid amounts represent cash received and rebates allowed. 42
ThE ST DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMEKfs ICont'd} For the Year Ended 31 Oecember 2025 16 MINISTRY HARE RECEIVABLE Cont'd Openln8 Balance l January 2024 Ministry Share Pald Closin8 Balan 31 December 2024 Ministry Share 2024 2024 2023 DAVIDS ARCHDEACONRY Cathedral South West Pembrokeshire Narberth & Tenbv Roose Greater Dewisland Daugjeddau East Landsker 41,656 173,358 294.786 274.041 178,150 170,996 115.672 1,248.659 14.523 109.585 191.097 251,307 106,355 150.647 823,S14 187,771 328,580 285,512 172,323 177,952 121,345 1,273,483 1203,9501 1369,1231 1306.3181 1180,2601 1189,0671 1134.1721 11,382,8901 11.6561 69.042 170.291 243,370 95,240 137,820 714,107 TOTAL CARDIGAN ARCHDEACONRY Bro Teifi Bro Aeron Mydr Gn Aeron IBrL) Aeron Icoastalll 8ro Wyre Aberystwyth Bro Padarn Lampeter Emlyn IDyffryn Teifil TOTAL 143,307 33,803 57,794 37,710 14,944 33,135 62,631 67,356 450,680 258,262 64.020 111.874 63,647 266.891 142.768 172.769 124,345 1.204,576 1277,1001 166.5471 1115,8331 162,5521 1277,6711 1147,1301 1183.5941 1135.5201 11,265,947) 124.469 31,276 53.835 38,805 4,164 28,773 51,806 56,181 389.309 232.221 66,148 108,936 61.139 253,482 138,076 158,272 117,936 1.136,210 CARMARTHEN ARCHDEACONRY Bro Dyfri Bro Aman Bro Lliedi Bro Gwendraeth Bro Glannau Tywryn 17.632 23,695 131.085 34,899 14,915 142,149 126.305 189,680 107.560 141.256 1162.0451 1116,5531 1229.2851 1111,1631 1147.8271 12,2641 33.447 91.480 31,296 8.344 130,570 126,274 180.258 101,430 129,450 F lJllJ Bro Cydweli Bro Dinefwr Bro Cèerfyrddin Bro 5ancler 99,096 14,053 58,243 28,524 422,142 160.224 132.652 163.794 110,560 1,274,180 1178.3061 1141,6261 1182,7051 1115,5821 11,385,092) 81,014 5,079 39,332 23,502 311,230 145.140 120,483 158,216 105.364 1,197,185 TOTAL ARCHDEACONRYTOTALS ST DAVIDS ARCHDEACONRY CARDIGAN ARCHDEACONRY CARMARTHEN ARCHDEACONRY DIOCES4N TOTAL 823,514 450,680 422,142 1,696,336 1,273,483 1,204,576 1.274.180 3.752,239 11,382.8901 11,265.9471 11,385,092) 14,033,929) 714,107 389.309 311,230 1.414,646 1,248,659 1,136,210 1,197.185 3,582.054 Opening and closlnE balances include amounts receivèd in advance. Paid amounts represent cash received an(1 discounts allowed. 43
THE ST DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS Iconvdl Forthe Year Ended 31 December 2025 17 TANGIBLE ASSETS Freehold Property RestrScted Leasehdd Premises (More Than SO Year51 OFfice Equipmen Furniture & Fittings Totsl FAIRVALUE At I january 2025 Additions Revaluations Disposals At 31 December 2025 164,500 96,6(L) 7.069 268,229 590,500 590,500 755.000 96,660 7,069 858,729 DEPRECIATION At I january 2025 Charge for Year Charge on Disposals At 31 December 2025 43,413 1,145 6,439 630 49.852 1.775 44.559 7,069 51,628 FAIRVALUE At 31 December 2025 755,000 52,101 807,101 At l January 2025 164,500 53,247 630 218.377 No depreciation is provided on freehold property 8$ the Trustees are of the opinion that these buildings are maintsined in such a State of repair that their residual value is at least equal to their fair value. A5 a result the corresponding depreciation charge WOU not be material and therefo is not charged to the SOFA. A valuation of the freehold property was undertaken at 31 December 2025, in accordance with the requirements ol FR5102 and the fatr value was adjusted to reflect the valuations. Fair Value is Represented by.. Freehold ProFerty Unrestricted Restricted L¢asehold Premlses (MOThan 50 Years) OFFl¢e Equlpmentl FuMitu& Flttln85 Total C05t/valuation 755.000 96,660 7,069 858.729 755,000 96,660 7.069 858,729
THE ST DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS (ConVd} For the Year Ended 31 December 2025 17 TANGIBLE ASS5 Cont'd FREEHOLD PROPERTYVALUATION Numerou5 properties are registered with the Land Registry in the name of the Board. Exact ownership of some of these propertie5 and any trustee status ha5, to dète. been investigated on a case-by-case basis, with the Charity Commission andlor the Welsh Government. In 2014 the Board awarded a contract to seek to 8scertain the ownership tsf those properties with the intsntion of including those idèntifjed as being owned by the Board in its finanoal accounts. This work was completed in 2016. There is still additional work to be undertaken to ascertain the ownership of several properties_ No value has been plad on properbÈS which are either subjètt to a revener or where it hès not been possible to ascertain its Status. The freehold property relates to propert$ owned by the Endowed Schools Fund and includes one property which is leased and fourformer schoo15 which are either used as church halls or a Community Association. The leased property was valued at 31 December 2025 by an Independent valuer. while the other four propertie5 have been valued by Directorsifrustees. LEASEHOLD PREMISES The leasehold was taken out on 10 September 1973 for a period of 99 years and any improvements are written off over the unexpired period of the lease. Following the renovation works on the Dictesan Office, which were completed late 2011, a new lease was to be re4rafted. HERAGEAssS The Board holds land and buildings as Custodian Trustee whlch the Charities SORP 2015 IFRS 1021 classed a5 inaltenable assets. The13nd and buildlngs are primari used as schoo15 and church halls. Due to the nature of the assets the Trustees of the Board are of the opinion that they fall within the scope of heiitage assets given in thè Charitiès 50RP 2015 IFRS 1021. The age of the buildings vary signrficantly but the Board became Custodian Trustee of the majority of the propertEs between 1944 and 1947. 18 IWESTMENTS 2025 2024 Market Value Market Value Restritted Capltal Endowment Fund 2,784.288 2.316,275 2,667,486 2,421,545 Restricted Incorne Funds.. Diocesan Ordinands Fund Endowed Schocils Fund 58,375 52.252 110,627 46.784 41,877 88,661 54,767 49.022 103,789 46,727 41,825 88,552 Designated Funds-. M H lones Olszwelski 1822 575 1.460.682 1.709.918 1.458.882 Unrestricted General Fund 1,248,024 1.000.215 1,170,882 998,983 5 965 514 4 865 833 S 652 076 4 967 962 45
THE ST DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS Icont'dl For the Year Ended 31 December 2025 18 INVEsfMENTS Cont'd The above investments can also be analysed as follows.. 2025 2024 Listed Investments Government securities and Fixed Interest Cash Held on Deposit 5.129,264 829,633 6.617 5.965.514 4.764.987 854,517 32.572 5,652,076 2025 2024 Falr Value Cost Fair Value Reststed Investment Properties- Unrestricted Funds 3,803.569 882,235 2,516.907 882 235 Investments Investment Propertles Totsl InNEStments At l January Additions Revaluations Disposals Realisation of Trust Capital Realised Gains/llossesl Unrealised GainsllLossesl Cash movement Equilibrum Adjustment At 310ecember 5,952,579 820,S09 2,517,066 16,868 1,291,498 8,469,645 837,376 1,291,498 11,190,361) 1131,2551 122,8441 441,714 125,9551 99,266 9,769,084 11.190,3611 1131.2551 122.8441 441.714 125,9551 121,128 5,965,514 121,8611 3,803.S69 The freehold investmeni properties Df the Board have been valued at fair value for investment PUfP05es at £3,781,500 by a qualified independent valuer at 31 December 2025 and show a surplus of £2,899,265 over the cost. Four of the inve5tmeTht properties are kased. The land pertaining to two other properties are also leased. The carrying value of investment properties at 31 December 2025 is £3,803,570, cornprising the independent fair valuatlon of £3.781,500 together with capital additions, net of depreciatlon, amountin8 to £22,070. The conversion of the farmhouse, one of the Board's investrnent properties. into two holiday lets was completed in September 2016 and are now actively being marketed. Realised gains or105ses arisirbgfrom disposal of investments are included in the SOFA under the relevant funds. The market value of investrnents has been taken at 31 December 2025 and includes all rnonies on deposit at cost. In accordance with the Charities SORP 2019 the fi8ures In the accounts are the market value of the investments. 46
THE sr DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO ThE FINANCIAL STATEMENTS Icontrd) For the Year Ended 31 December 2025 19 TERM DE TOR 2025 2024 Loans 116,275 211,998 116,275 211,998 LOANSAS AT31 DECEM8EA 2025 Balance l January 2025 Advance Interest Repald Balance 31 December 2025 2025 2025 2025 Diocesan Loans.. Retld Clergy 1.5% Housing Loans 5,723 5,723 17231 17231 15,IXJOI 15,(X)01 Provincial Housing Loans.. Equity Linked 206,275 190,iX)01 116.275 TDtsIs 211.998 17231 195,LX)01 116.275 Provincial and Clergy Housing Loans are repayable on death or sale of propety. 20 DEBTORS 2025 2024 Ministry Share Receivable from Churches (Less Provision) Sundry Debtors and Prepayments 378.525 378,525 289,161 289,161 Totsl 23 2022 2021 2020 Mlnistry Share Recewable at 31112125 Less Provision 1,420,960 725,552 455,153 152.853 87.402 11,420,9601 Total CeIVable remaining 21 CREDrroRS DUE WITHIN ONE YEAR 2025 2024 Trade Creditors Restricted Trade Creditors Accru815 Rebate due to Churches Deferred Income Other Creditors Other Taxes and Social Securty Ministry Share Received in Advan Rents in Advance Restricted Funds Creditors 74.417 98,867 243.415 91,243 136.764 495.249 738 32,907 151,943 225,916 80,269 136.764 408,332 737 789 4.636 394,383 1436 676 4.664 398.632 1,543.988 t)eferred Income Brought forward Received in the year Released Carried Forward Mlnlst Share Recel¥*d in Advan 789 3.D96,711 13,097,500) 3.180 2,897,788 12.900,1791 789 47
THE ST DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS Icont'dl For the Year Ended 31 Dernber 2025 22 E MORE THAN ON 2025 2024 Due to ihe Representstive Body of The Church in Wale5 116.275 206,275 Prowincial Housifi8 Loans are repayable on death or sale of property. Amounts due to the Representative Body of The Church in Wales have no specrfic repayment terms. However, repayment is immediate on death or Sale of property. 23 RESTRIED CAprrAL PERMANE ENDOWMENT FUND 2025 2024 Batsnce as at l January (Deficitllsurplus for the Year Net GairVILossl on Investments Baknce as at 31 December 2,976,816 1149.5291 264,908 3.092.195 2,888,574 142,7911 131.033 2,976.816 Repre5eftted bv- Capltal Income Unreallsed Profit (Market Value less Costl 2,316.275 307,906 468,012 3.092,195 2,421.545 309.330 245,941 2,976.816 Endowment funds have been entailed over many yeaTS and relate in the main to funds held on behaff of parishes. Investment returns are released to the parishes, where applicable. When returns are not released, they are retained by the Board within this Fund. The Tiustees have reference to le1 advice provided by Carreg Law. SDlicrtor5,' one of the Board's legal advisers. 2025 2024 At I january Caprtal IntrodUd Trust Income ReNed Bank Interest received Payment of Trust Intome to Parishes etc. Capital Withdrawn Realised Gains Unrealised Gainsl ILossesl Investment Manager5 and Adrninlstration Fees 2.976.816 2,888.574 108,135 10.412 1107,7891 1131,2551 111.6151 276,523 129.0331 112,617 185,6451 150,7651 18,320 112,713 128.3981 3 092 195 2 976 816
THE ST DAVIDS DIOCESAN 80ARD OF FINANCE NOTES TO THE FINANCIAL STATEMETrtrs Icontdl For the Year Ended 31 Drnber 2025 24 RESTRIED INCOME FUNDS The Restrirted Incorne Funds are restrirted funds and a used for the following purposes= DI(an Ordinands Fund- For training for the Ministry in the Church in Wales Diocesan Endowed Schoots Fund - For the erection, construction andlor repairs to Church Schi)ols in thè Diocese Spltual1ty Fund- For Specific missionary purposes including the payment for retreat and quiet da Communlty Projert Fund- For financing community projects including the building of community centres Parsona8e Board Fund - For the repair. maintenance and refurbishment of parsonages. Financed by the Diocesan BoaTd of Finance and the Representative Bi)dy of the Church in Wales Church Insurance Contlngency Fund- Additional contributlons from pa¥ishe5 to piovide a working fund to ensure the block insurance is paid on time Church Repalr Grants- For church repair and improvement grants. Evan8ellsm Fund- For three sub-projects in different areas to enage with people who have not been baptised to a livin8 Christian faith. Mostly funded from The Representative Body evangelism fund grant. l January 2025 Movement in Resources Transfers Expenditu 31 December 2025 Income Diocesan Ordinands Fund 62.826 6,479 13251 68,980 Diocesan Endowed Schoots Fund 560.291 699,357 141.3151 167.5821 1,150,751 Spirituality Fund 118,114 5.929 124,043 Community Project Fund 5,705 142 5,846 Parsonage Board Fund 827.000 537,703 568.434 11,123,2261 8,912 Church Insurance Contingency Fund 56,517 1.602 18601 57,260 Church Repair Grarbt (Limited) 137.673 65,670 172.8131 130.530 Church Repair Grant Ivnlimitedl 73,772 1,831 75,603 Evangelism Fund 104,229 3.122 5,115 11,1561 111.309 1,946,127 1.321,835 532.234 1,265,962) 2,534,235 49
ThE ST DAVIDS DIOCESAN BOARD OF FINAN NOTES TO THE FINANCIAL STATEMENTS IConVd} For the Year Ended 31 December 2025 24 RRIc[ED INCOME FUNDS cont. l January 2024 Movement In Resour Transfers 31 December 2024 Inc¢Jme Expendlture Diocèsan Ordinands Fund 57,962 5.181 13171 62,826 Diocesan Endowed Schools Fund 651.451 33,240 139,3481 185,0531 560.291 5plrltualty Fund 112,211 118.114 Community Projea Fund 5.568 137 5,705 Parsonage Board Fund 990,147 484,457 555,100 11.202.703) 827,CKX) Church Insuran Contingency Fund 56,585 1,509 11,5771 56,517 Church Repair Grant (Limited) 116,438 66,278 145,0431 137,673 Church Repair Grant lunlimitedl 72,OOD 1.772 73.772 Evangelism Fund 127,423 61,671 184,8661 104,229 2,189,785 660,150 515,752 11.419,5591 1,946,127 50
THE ST DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS Iconvdl For the Year Ended 31 December 2025 25 DESIGNATED FUNDS The designatèd funds are used lor the following.. Redundant Churche5 Fund - To èssist with the financial consequences of church closure. Strategy4 Fourth Archdeconry. LW Support & Grant- For new Mission and Ministry in the Diocese. Penlan Farrn Fund- For Rènov3tionlRestoration work. M H Jone5-Olszewski Fund- A memorial fund for the maintenance of mission and ministry. Chlldren & Youth Mlsslon Work Fund- To fund Chikjren and Youth Mi55i0n and Outreach initiative5. Penslon5 & Assistance Fund- To provide odditional grants to Widow5, Orphans and Dependants. 5afeguardin8 Fund- To asslst with costs incurred in the event of an investigation. Fundfalslng- Chairman's fundraisingfund. l January 2025 Movement In Resources Transfers Expendlwre 31 December 2025 Income Redundant Churches Fund Strategy for Ministry Fund Fourth Archdeconry Fund LMA Support and Development Grants Fund Penlan Farm Fund M H Jone5-OIs2ewski Fund Children & Youth Mission Work Fund Pensions & A5515tance Fund Safeguarding Fund Fundraising 23,117 102,798 45.473 16.251 88.487 53.447 1,807,530 66,697 9.092 41,721 72 2.254.685 535 2,920 16,5 260 2603 1,238 158,267 6,258 45,914 966 23,652 100,202 34,772 115 68,060 54,685 1,922.323 25,609 13,OC>6 42,687 73 2.285,184 15,5161 17.2021 118.1201 123.0291 120,(XK)I 1.725 130,0001 20,000 142,OWI 113,4741 167.3451 235,461 170,2751 1134.6871 ljanuary 2024 Movement in Resour Transfers 31 December 2024 Income Expendlture Reilundant Churches Fund 8ishop'5 Strategy for Ministry Fund Forth Awhdeconry Fund LMA Support and Development Grants Fund Penlan Farni Fund M H lones-olszewski Fund Children & Youth Mission Work Fund Pensions & *Kssislance Fund SafeEL¢arding Fund Fundraising 22.587 118.340 46,724 49,981 89,348 52,222 1.728,163 84.035 530 2,798 1,445 1,150 2,638 1.226 121,401 5,262 55,062 957 23.117 102,798 45.473 16,251 88,487 53,447 1,8C>7.530 66,697 9,092 41,721 72 2,254,685 118,3401 12.6961 124,8801 13.5001 li0,() 130.OWI 112.0331 122,6CK)I 145.9711 40.764 70 2.232,233 192,471 1104,3111 165.7091 51
THE 5r DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO ThE FINANCIAL STATEMENTS {ConVd} For the Year Ended 31 December 2025 26 GENERAL PURPOSES FUND 2025 2024 Balance as at l January SurplusllDeficitl for the Year latter transfersl Net ILos5l/Gain on Investments Properties Introduced 4,958,291 1544.7761 1,375,597 5.427,300 1526,1831 57,174 Balance as at 31 December 5.789.112 4,958,291 27 ANALYSIS OF N ETS BEtWEEN FUNDS Re5tr1ctoJ Capital Endowmert Funds Unrestricted Funds Designated Funds Restritted Funds Totsl Funds Fund BalanS at 31 December 2025 are represented by". Tangible Fixed Assets Investment Assets Net Current Assets Lon8Term Liabilities 52.101 5.051,594 801.691 1116.2751 755,000 110.627 1.668.608 807.101 9,769,084 3,240,814 1116,2751 1.822.575 462,609 2,784,288 307,906 5,789,112 2,285,184 2.534,235 3,092,194 13.700,724 Restrlcted CapTrtal Endowment Funds Vnrestrfcted Funds De51gnated Funds Restricted Funds Totsl Funds Fund Balance5 at 31 Dember 2024 a represented by.. Tangible Fixed Asset5 Investment Assets Net Current Assets LongTerm Liabilities 53,877 3,687.947 1.422,742 1206,2751 164,5(X) 103,789 1,677,838 218,377 ,169.142 3.954,676 1206,2751 1,709,918 544.767 2,667,486 309.330 4 958 291 2 254 685 1946 127 2 976 816 12 135 920 52
THE ST DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS Iconvdl For the Year Ended 31 December 2025 28 RECONCIUATION OF INCOME BEFORE UNREAUSED GAINS EXPENDITURÉ TO NET CASH FLOW FROM OPERATING ACTivmES 2025 2024 Net Incornel{expendlturel for the reportlng perfcd las per the Ststement of Financial Artlvltiesl 1317,1931 1601,9731 Adjustmentsfvi.. Depreciation charges Realised Igainslllossès on investments Dividends, interest and rents from investments Lossllprofitl on thè %31é c>f fixed assets Ilncreaselldeccease in debtors Increaselldecreasel in crèdito Donations received for Endowmènt Fund Assets 23,245 1479.2751 1602,4651 2,965 1276.7691 1564,1171 136,110 145,749 100,039 1217,1701 6,359 17.312 1263,3141 Net Cash provlded byllused inl DFeratin8 artlvltles 1.615,331 1,275.166 Analysis of cash and cash equlvalents Cash in hand Short Tèrm investments Cash held within investments 4,290,002 4,890,194 6,617 32.572 TotsS Cash and Cash EquNalents 4.296.620 4.922.766 53
THE ST DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL StATEMEKfs Iconvdl Forthe Year Ended 31 December 2025 29 TRUSTEES AND EMPLOYEES During the year, payments totalling £3,830.3012024: £1,118) were made to 7 Trustees12024.. 51 to reimburse travelling expenses incurred while attending Board meeting5 and other Diocesan matters. No payments were rnade to Trustees for their duties as members of the Board. However. payments totalling £32,31012024.. £26.0401 were made to 9 Trustees for carrying out other dUts. In addition, £35,00912024.. £30.0081 was paid to the Diotesan Registrar. The amount outstandin8 to trustees at the year end w85 £4.477 12024..£2.8851 2025 2024 EMPLOYEES.. Staff Costs Gross Wages and Salariès Employers Nl Other Pension Costs 510,308 50.599 69.360 501,335 49,762 68,670 630.267 619,767 2025 2024 The number of empl(ryee5 whose totsl employèe benefits lexcluding employers pension costs) purposes was as follows: £60.000- £85,000 2025 2024 The muneratIon for Key Management personnel was 244,501 237.019 Average number c*f person5 employed.. Head Count Full Time Equivalent 14 14 io li 30 PENSION COSTS Defined Contribution Scheme.. The pension c05t charged for the year was £69,36012024.. £68.7001. At 31 December 2025, unpaid contributions tc the scheme amounted to £73812024.. £7371. 31 AuDOR5 REMUNERAMON The auditors remuneration as auditors amounted to £ 15.18012024.. £13,800) 32 TAXATION The cornpany is a registered charity and as such is not subject to United Kingdom taxation. 54
THE ST DAVIDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS Icont'dl For the Year Ended 31 December 2025 33 PITALAND THER OMMITMEN Catal Commitments The Board has declded that it will not now consider purchasinÉ the Diocesan Office from the Representative Body of the Church in Wale5. An accrual in respect of the ground rent due ha5 been provided in the accounts. other Commltments At the Balance Sheet date ihe Board had contracted fof the following expÉnditure= The Board has agreed for additional legal work to be undertaken in relation to the Trusts and to obtain the basis on which they are held by the Board. The cost of this work will be billed at the usual hourly rale. At the ealance Sheet date the Board had authoiised but not contracted for thè following expenditure= The Board has agreed to provide grants arnounting to £3,500. from the Grants Fund to facilitate the formation of the Local Ministry Areès. The Boar(J has agreed to provide Èrants arnountin8 to £159,301. from the Church Repair Fund to facilitate repairs and irnprovements to the Churches. The Board h35 3150 agreed to fun(J the following commitments from the M H Jones-olszwelski Desi8nèted Fund..
A grant of £IO,(KJO wa5 awarded to the church ai Saron. where the deceased used to worship. for the erection of a commemoratwe plaque and related alteratlons. The remainin8 balance of £144 was paid in 2025. A grant of £IOO,(K)O was awarde(I to St Davids Diocesan Housing Association for renovation works to properties currently used to house relired clergy. The grant has been fully utilised. Grants totalling £301,350 were awarded in 2015 in respect of Social Responsibility projects. By the Balan Sheet date, £282,836 had been paid. The remaining balance of £18.514 is scheduled to be released durin8 2025126. These amounts have not been provided for in the accounts. 55
THE ST DAVIDS DIOCES4N BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMEPs (Coned) For the Year Ended 31 December 2025 33 cAPALA ER CommMErS nt'd Other Comrnltments Icont'dl The Parsonage Btrard Fund had comFllitments of £108,499 at the Balance Sheet date relating to repair work of whh £45,569 will be reclaimed from the RÈpiesentative Body of the Church in Wales. These amounts have not been provided for in the accounts. 34 CONTINGENT LIABILITIES A potential claim has been lodged for £SO.000 in respect ol the sales proceeds from Burrows Field, St Davids. The proceed5 of sale have been transferred into the Penlan Farm Designated Fund and ring fenced. 35 RELATED PARTYTRANSACTIONS The 5t Davlds Dlowan Housin8 Assoclatlon The Board agreed in 2014 to grant £ILK),(100 from the M H Joneg-OIs2weski Designated Fund to the Housing A5SOCiation towards renovation works to undertaken to its properties durin8 2015. The properties are curreney used to house retired clergy. £IOO,000 of the grant has been utrlised. The Housing Association pays ground rent to the Representative Body amountlng to £11.472 per annum. The following Director5 are also Directors of the St Davids Diocesan Housing As50¢1ation.. Mr T Llewellyn. Blshop of St Davids, Ven Di M Hill, Ven P R Mackness and Ven RHE Davies. The Repre5entstlve Body of the Church In Wales The following Directors are also Directors od the Representstive Body of the Church in Wales.. Mr T Llewellyn, Mrs H Evans Ven P R mackness and Mrs J Hayward. The amount of £462,354 wa5 outstanding to the RB as at 310ecember 2025. 36 ULTIMATE CONTROLLING PARTY There is no individual controlling party as the charity is maftaged by 3 Board of Trusteès as detailed on pages 12 and 13. 37 OPERATING LEASE COMMITME 2025 2024 Within One Year Between two and five years 2,31)0 8.110 10,410 56