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 DIoCE￿N 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 theolo￿t0 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[OCE￿N 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
cap￿al
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 SoUr￿s
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
un￿strICted
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
INCOmEIIEXPEND￿UftEj
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(
mOVEmE￿IN 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
GI￿N5 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
N￿moVEmE￿ 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$S￿s
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 equ￿lents 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 le￿rtIn8 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 v￿ue 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.
INvE￿mENTs
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 L8￿cleS
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 ReS￿lIenCe 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 Activ￿e5
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
f￿2,465
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 DIoCE￿N 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
Ca￿1
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
N￿e$
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 Cl￿r¢h pro￿rtY
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
SUP￿rn 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-. An8lIcan￿cUrnenlCal/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 D￿mber
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
cARO￿AN 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 SanC￿r
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
G￿n 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
(MO￿Than
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 ASS￿5
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 pla￿d 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.
HER￿AGEAss￿S
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..
Retl￿d 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
2￿3
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 De￿rnber 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 RESTRI￿ED 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 le￿1 advice provided by Carreg Law. SDlicrtor5,' one of the Board's legal advisers.
2025
2024
At I january
Caprtal IntrodU￿d
Trust Income Re￿Ned
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 D￿rnber 2025
24 RESTRI￿ED 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
Spl￿tual1ty 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 R￿RIc[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 Balan￿S 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 De￿mber 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 dUt￿s. 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 AuD￿OR5 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
Ca￿tal 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 STATEMEP￿s (Coned)
For the Year Ended 31 December 2025
33 cAP￿ALA
ER Comm￿ME￿rS
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 wh￿h £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