Charfty roglstrallon numbpr 232841 company r•glJtratlon nU￿￿•r 0018266J IEngl*nd *nd W•l••) THE MONMOUTH DIOCESAN TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE MONMOUTH DIOCESAN TRUST CONTEKrs Pag• Trust￿, réport Statement oftrust•e8' resF<)nBblNUes 1nda￿de￿ rewt statsmenl offm￿￿&1 •KIfvIUe• 10 B818nco S￿8t 11 Not88 lo the fiTh￿C￿ st81ement8 12-22 THE MONMOUTH DIOCESAN TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 31 DECEMBER 2023 tru8tee$ pre￿1 their •nnu•l rèp￿1 and Ilngnclal 8tsknents forthe yo8rorKled 31 December 2023. T￿ ilnandal statem￿ have bggn ￿￿par0d in aC￿rdanCe Ylth the accow￿r¥a pollde8 89t out In Th)te 1 to th )Ina￿OI $tatwnerrts ￿th the charws gov8mlng docu￿, the Companles Act 2008 gnd "Accounlry and Ryrting by Ch8riti•8: Statemnt of Recomm8TrJpd Pr¥(*ce appltc*ble to dwltt88 pr•p8ring Ihglr acyounts in acoxdance WTth the ReFQrtkng StarwJ8rd oppllcdlg In tr* UK Rwk ot Iro￿d (FRS 102>" (Offecllvo 1 January 2019). ObJe¢lkn ond a¢lMU ObJo¢dvos and 8trat•gy The ch•ity Is rèspo￿￿4• for tha provlllon of •upwt Ind fingnLY, a¥ ov11•￿t. for Clwrch In l*ie8 SdvJ( w]trln the DirA*8e of Pknrnfj￿ 88 Approvad tytru8teoN. The MemfKandum &Pthlde8 ofA88odglw Oltr￿ Tru* p8rnlt K to hc4d prwty fjr￿ on bohalf of pBd8ho8 véithln th¢ DlorA8& In 1999 moot cl th•8• Ffoperti65 and fvrKls ￿re tran8ferrfjd lo the Mormouth Dlocrt•n BDafd of Financeto enable tha Tru8t to ￿rK￿ntral0 on 4Upp￿ting Churth Sctthl¥ vAthln the Dbcey¢. 218t COn￿ry School Bulldlng ProBramm• rw Ythlch used to be 54ven by Govemfflgrrt dtredy to Ihe Churrh in V4ts188 to h￿P mglnbin and upgrad• Iho xhool bulldlrgs has ￿en withdravm and wbjumed ifttts thè GDvemmthtt'8 21st COn￿ry Sthcd Buildbng Pr¢¥ramme. programme IB admknlBknd by the LcrniinGg Raglln S¢hool to tr8n8fer the ljnd upM the now 8cPMI ha8 begn built Is ongoiry, pendng ofvaluaticms of Ihe ra5P8dve p*c•l8 of land currenlly In lh& own6r8hbp of Counryl and ttie Trust. I¥￿n0£ ww8 dudr¥J 2023 wllh mOThn￿rthShtr9 Coundl wFK* are re5ponslbb for the knNlal *vrk of v•lting the knTxI. Th• TA￿11$ kogn to 58• progres• on lssw and wll keep kn regular o)ntscl tre Councll eAwre il io ¢omploted. Loan lo Mag¢x School Thore19 £47.Sk c￿nd1￿j frcm the Govemkng Boty of Magor Church In ￿18$ Prfm8ry Scfml. is no ¢mtract In pkn for thg r•paymenL Tho School Oovwnors have agreed to poy £1,000 ar#J £2.000 per annum. Land at Llanfalr Kllg•ddln The buildlNJ 8t Ll&nfalr Kllgeddln was sold In 2018 for £265,000. Thg as￿*805 land16 covere(I by sep9rats Tru6t Deod and has been markeled 8alg. In 2018 the tr￿te￿ agreed In prindple, to sdl the land to the Monmoum8hlr8 HousingABstthtion forthe development of THE MONMOUTH DIOCESAN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 2020, an Indepen￿ 8urv8yc¢s rgpor( adYl$od tho IJ￿0$ tsl N￿M￿thIr8 Houslng AsSOCi8tion'B off•r forthe IBnd dKI not represent b88t Val￿ and (W￿￿re advlsed lo conslder other optbnB. Tha laThl IB bekng malntfjtn￿ diwwion$ (x)nlirt￿ th• cyUon8 for r•rn•ining 81ts. Meetlng5 Monmuthihlre Hou8lngA88cd•tion were qtthe begbmlrwj of2024. Valualloth of Tft￿t Prop•rtt•8 The sthool ￿￿or￿rt￿$ vmre revalued In 2016 and IW are belTrJ depr•dgt&J from 2017. Th truBtoe8 now allreed to revalue prowues evory 10 y¢ar¥. Fknanclal rnvl•w Flxod Awets Tr Dh)¢es•n TnJJV• fixed •88* were f8valued kn Do￿￿r 2018. tot•1 of th• f￿ad 8wt8 at 31 D￿mber 2￿23 was £36,842.613 (mM￿red to £*.243,389 al 3100¢8mbor 2022). Invè8thwnt p0￿rn and pollcy Undèr the goveming dth*menL Ihe c*wfty ha8 the p(xvw to invest in way ts tru8te88 subj•¢t to TIL*tee *Yskqlion. inwskn•nt8 arn Nidyndwnt wtho ha¥• d•l&a•ted aulhoty tD buy and 8è11 ￿￿thr￿￿ referer￿ to Iru8tee8. In wa¢tic•, ￿1 8uch purcha￿# #nd 88168 are ncrtffied to thg SgGr¢tsry. and I review ofth• charty$ pokltobo Is ￿dartth eath yoar by an Inv05knontAthiyory Group representing both of th8 Dioc8s&n chartU88. The Archle￿on of NeW￿￿rt and Mrs Susan Gyr-Robwts repre6ent the knlerth ￿the 0￿8n Trust on this group. Th• In￿sIMOn1 Managers are required to adhere lo the pre8c¥lbed ethlcol pdicy agreed by Truthe8. The ethlc8J Fdky fdlow8 that agro&d by thg ChuTth In Vvales and 18 dwsled and rewewed rtyuLgrty. Ihe value of the Investmerrt8 at 31 December 2023 wa8 £736,781 {compared fv £734.481 at 31 Decemb 2022). ft0￿￿8 polky Tho curMI ksto hdd at hast £50k ￿$h to ¢over •hort tem) exP￿d[l￿re. Our Investment Man8gors have a&wred that further funds can avaIla￿e wlthln Cw month. sf requSred. Th• trLOt•es Gon5kler thal th8 level of TeseNe$ i8 adequate ft¥r the fthre n￿d8 and requirements of the charfty. Th reserve$ is revlewed regukrfy. structurtr. governan￿ and maMgom•nl Governlng Document Manm￿th Dk)c8s8n Trust F8 a cornwny Slmlt•d ty guarantsa govomed by Its Memor8nthJm Artlde8 of A8sodatk?n d&8d f 9 Junè 1W22. It18 r8g16tered a8 a charfty Y•lth thg Cl￿rtty Comml8gb)n for Engl￿￿ & Wghs. Ruf•$ covering member8￿P •re lakl iknwn In Ihe P41tcle8 of A￿)CIatIon. Ekntion$ oftru8t#s ar• for a prtod of one ymr and tske placg •t IIKI Anwlll G•mrRI m￿tir(. ThèArea Deans ère respon%ble for nominatiry 3 of their group to be tru&teeJ. T1￿ Headtgachors of th8 Cinw 8chooby, In ¢onfvncllon Imth th• DDE, arn r•gp¢vYalbl8 for numlndry 2 of th•tr grtyjp ID b& trLthe8. Tru•le• Inductlon and trnlnlng The Ciocè8an S&retary is awdliabk to brfgf rwi Iru8tee8 about theirlegal obligat•Jns under charlty and cunpany law, tho background history gf thè ¢hwity, the decisSonpMak￿g prrus8•8. tha ragular m￿￿toring of the finan¢a& 8nd the prevb)u$ yeor'i fmncAal perforrnance ol the charfty. THE MONMOUTH DIOCESAN TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORn IcowriNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 M•n•g•m•ntand Orgonknatlon Al8eUng6 The Truste88 met four ilmes in 2023 In Odd￿an to lh•Ann￿ Gen8rAI Mèèllffj hekl on 11 Septomber 2023. Al e#ch meellng a gtatam*tt tha wevknus q￿rter¥ IrKome •nd •xp•ndltLrn W•sen￿. A I0￿&t crffukne expèndture #nd thè vdue olthè Charws inv88lment8 wa8 m•dts to The Sernlary 8nd EXeart1￿ Offlcer, employed by Monmrth Dloees8n Board of FlrkBrL%, mn&go8 Ihp d8*t day o￿On8 of the c￿￿ty. The Secretsry h8s deleg8t¢d authority, approvbd by Ihe trU51oe5, tr (yrationol rmtters and Contr￿ of the Ilnances of tho cherty w#hin pr￿bod guid•line8 tor proJ8Gts 8pprov•d by Ih The Monmouth Dlc¥xan Bcwd of Financa took over tharKial reSpOr￿[bIlIty for the diDBes￿ provt8ion of lucat1￿ durfng 2020. coverfrwJ costs thgt the Dwsan Tn&st w8r8 no lorbg¥ ablé to covar. Wth thi4 the DBF emb8rke(l on a nthv rnlatlonshlp vAth the Dlc¢es8 of L*aff whoBe eduGabcn team exter￿ed thelr ¥GOF4J to take on ts dlo¢a8an otstskny d￿leS for thurch 8thooLg in Mcfimeth. Prkjr to 2020 an annual admlnislrallon fe? was payabk to Monmouth Dhxè&an Board of Financ8 to ¢wr the )Bts Df $9tt8larlat tsdlities proV￿ed by th• M(x)mDuth Di￿¢$)n 80ord of ￿r￿r￿. It has be￿ agreed with thts DBF that the Trnst ￿11 rol be requlred to pay thè 8dminotr8tion f•8 from 2￿20 onw•rd& In t%der to reduce Trult exFeThllture. ThIs￿ll thntlnua to be revbwed In 2024. R￿k man•g•m•nl orR*k The major klantmted ￿sk Is the IncrAne hthich 18 required to 8UPPOrt the 15 G￿rth Scneols In the D￿E Durirvj 2020. as part of Wmlèr D*)ce8an R￿ew, It Was agreed that th• Mc￿m¢Alth DI0￿•￿ P4)8rd tsf FlrAr take ovei the eXpen￿￿ure ielatlng to the dknce5an stalutory dthle8 for edu￿1￿. Work has contlnued. lo ensure the [h￿san Twsl Is finana81ty $u$lalnable and In 2022 the Churth Schoo16 agrfjptl 19 a Service Lgvd of Aar4￿8nt and the Dlocesan Trust wll rer*ive a ¢yJnirtJutui from eath 8thool t￿vard& the Be￿r*S ￿ded. THE MONMOUTH DIOCESAN TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2023 R•f•rn￿* and 4thilnlBtrattv• d•t•l Rqg]¥t¢rnd ConM)w nunknr 00182863 Reglstyrod C￿rIty numb•r 232841 R•g￿t*￿￿ ¢ffl 64 Caerau Road ScArth ￿￿￿38 NP204HJ The dlretlors ofthe company (the cWty} are a180 M trustsè6 forthe wrpows oftharlty Iww•¥l thrO￿hOul Ihll rwi gre Collec1h￿ referied to tru8tfjos. TN8tee6 duriTrJ 2023 vnre •• fcllow•: Ex oifKio The Bltshop of MonmuiTh {Chèlmi8n}-Th Rlpht Rev￿nd C E D8an of Newport- Tho Vory Raverend I C Black Tho Arthdèacon ofNewport. Th8 ￿n￿ra￿e J S Wllk?m8 ThÈArthdexon of Monmouth- Thè Venerable l K Rees TheATthdexon oflhe G￿ntI￿lIe15. Th8 Von8r8blo 5 Bailoy Appolmt•d by Ama De8n8 Thara are currently ¥&4￿1e¥ ftsrAre4 Deam El•ct•d Susan Gwyw-Rob•rts Nicola Prfc6 Reb￿(a P•nn Secrot4ry and Ex•cutlv• OfflGw IMbèl Tlwmps 8èthkn Dairygs THE MONMOUTH DIOCESAN TRUST TRLI8TEE8' REPORT (INCLUDINQ I)IRECTORS' REPORT) {coprfiNUED) FOR THE YEAR ENDa) 31 DECEMBER 2023 Ty Dw, Lhn8Trn• C•Jrt NaWoo1 B•nk NP1PIGG Jth Frostsryjoro Nw4pr*l NPZI 1PII RBC tkjtplth Thlrd CF10 IFS Cuatodlm Y••ponthllll Tru4toes ad 88 forfvth hehd ofotsY8 aTrY shwi et Nokn 21 OIthBAL¥￿nts.These fvw¥l8we hdd cffl baha¥￿p8thoS ond hw8 8 d￿k4￿d bank Audltor In •LuaYlonce ordde4 a ro8olu&)n pwlnll trAt*z8ts Audt Se￿0•& bg re8ppohikKI Th• THE MONMOUTH DIOCESAN TRUST STATEMEKf OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEAIBER 2023 tr￿$. who are also th• L*rectorB of Th8 Mcmmouth D[oc￿n TrL*t for lh8 FAllPts8a of Gomkxny lllw. r61pon5ible the TnMt8e8' R•port and the stst8ments Sn a¢4Jrdan¢8 wlh 8ppllr￿e law •nd Unttad WdomAccounUry Slan(laTdi (Unhd Kkngdorn G￿M￿yA¢a0pl8d Prndcol. Comp8ny Law requtre8 the tr￿8 to prepara ffin￿￿al Btatsm•nts for fin8nrA81 ￿&r￿￿1th Ive a Iruo and fdr vl•w of tha state of 8Nairs of tr* tharty and of the incomlng r8eourc￿ •nd appllc•kn of resourc￿. Induding the I￿om• ond exp8ndilur•. Dftro th•rIt￿e ccwry)Hny forth&tyeor. In prepjrfng the￿ flmndol statem8rt¥. IIW*trLWt￿* 8re rewired to: . 8¢le¢t wllable Jcawnilng Fdliaes Ind •pF4y thom cor￿01entIY. . obwvo tho rroth¢xb And w]nclF498 In ts Ch•iilieB SOKO. . makeludgèffkqnts and ebtlmth thot are reason9blg aNJ prudBnL . stata whether appfic•bb UK Accounlkng Stgndarr18 havg begn fcllmd. 8ubJocI to any dlsdojed and e>¥8lned In fin&ndg1 st•tsm•rd¥,' *nd . W•FOrn thD finand•l gtatemènts on the Onq corKem b#81B urlgBs It Ss In8pprLyith b prnsuff* th•t Ihe ill ￿rfnu& In op8ralloTL Tho tru¥t•8s we resp￿s1bKry for keeplny adeq￿10 aceJ)unUng r8ccfyd8nce wlth Intematton81 Standards cn Aud￿n9 (UK) {ISAs (UP) and Appllc*Ae law. Our responBlblllkB undertho&e slandards are fvrtheT descrlbed In the Auditots rnsponsL¥iTrbgs for lh9 8u(*t ot the financial statsrnwrts 80Ctkn of report. We are In*)andgnt of th• dwrfty In ￿rdance ethical requirements thèt are ialévant lo wr aydlt of Il* ffinandal 8tatsmérts in thè UK Includlrg the FRC'S EthirAI StaTrJard. and we havg fulffllW other ¢thlc81 rg8ponsl)Ilrttas In ac¢>)rdanco vAlh the88 requlrernenlB. bèlieve that ￿ audit ￿d8nce we haye obtsined is s(fftaent and appropriate to promde a basis forour opinlon. C(￿clusIonS relatlng to golng ¢oncern In audltlng the finanda Statèmen￿ we co￿￿d6d that the tr￿166$, usè of lh8 golng s>Mcem b8818 cf arAthting in the preparatlon Of thg finanthl stalwnerts 18 apFYopriat8. Based on the work ￿ hew p&tonngd, wo have not idonttfred gny ￿*￿al urKertelnlle8 ralallw to events Cf corKlthon8 tlwl. indlvldu8lly or collpLtivÈty. may signfflcarrt doubt on Ch￿￿8 abllJty to continug a8 a goirffj concem for 8 pertC*J of at lèast trtslve months from Ihg financlo18tatements are wthorfsed for issue. Our respon80)￿mIeS Ihe r08PU181bllO￿e9 Gf the trustus with to golng concern *re dttcribsd In tho rel8vant secllorn of th18 ieporL Other Inforrnatk)n The thr. Inforniation comprtses the intrJrmRticfi indud8d in the ann￿1 rewt other than the fina￿al statements and our audltorf8 report thpreon. Thg trustees aTe re8w)n8ibl8 for thè other Infom1ati￿ contaln•d within th• annual rep)rt. Our qxrion on tha finwKt81 ststsmènts does nol cover th• other knfomiatlon and ￿ do llot èxpres8 any form of ggsuronce ¢onduslon thereon. Our responslbllty Is to read LtheT Infom)allcffl and. In t8in r8880n8￿8 88Buranc4 about th• fflnanek818latthn8nt• 88 a wknle are free frc malgrtal mls3latem8nt. ¥th8thgr to fraud or error, and to 15su8 an a￿1110￿ wort tw r¢I￿leS ow O￿nI￿. Re•sonable 488ur¥nce Is • hvJh 18val of tssur8nc4 but 1$ not a yr•rtsè an ÉLKI￿ ethjucaed In a¢cttd8rKe wlh ISA3 (UKI vlll detsct a m8terf81 mlsslatem&nt when It exlBts. m￿Statern9rrtG ¢on adso from or rw and •re ¢on@dered m•t¢rial rf. Indiwdualty crf In aggr¢Ae, tlw r¢ason•bty b8 oxp8(*ed to Infiu•r th• T￿￿￿MI¢ thi•*)rr4 of u8er8 taken on ￿ bgsi* ofthe¥e finon¢i•l *Ètemertè. A lurther de8cripllon ol our r8sponslNIIUes 1$ •v•llabl• on the Fln•n¢ial R•wUng Cou￿1.• ￿b3fte aL' httwl vNM.frc.org.ukJ*udllor8re¥pon$ibiliti¢$. Th1• detcWon fom8 part of our audf(orfs report. Extsnt to Ythlch tho audrt waB GOn81d•r￿ c•pabh of d•tocUng Irr8gul8rltl•s, Includino fraud Irr¢gul8rlY8$, Includlng fi¥￿1, are InstsrKe3 of non-(*mF4knc• vAth Saws rewlgtbn8. deslgn prOcodU￿ li nno vhth our r86p)nslbllrtlg5, ouUln8d above and t)n the Flnanclal RepLVtlng coW￿V$ W8b￿te. lo d81OCt mèt•rfal miMt*t•ments In r•$pe(l ol iTh•gulArilig8, indueSng fraud. obtsln and upd8ts our undw5tanduw of thg enJty. ts a¢*vities, its ¢pntrpl wwironment, and Ilkoly fulure devfjtopments, In￿dIng in r*tion to leg818nd r•gulg10ry fr8meworf( app￿c￿e ￿ how trE entlty Is C¥)M￿Y1ng wlth th31 framework. Ba8ed on thls undèrstandlng, we Idendfy and assegs the riBk8 of material M￿Statem￿lt Of the ffln8ndal 8tatement4 vthgthw du8 lo fraud or ermr, d•￿gn and Ferfomi au¢*l proc8dure8 re￿On￿¢ to Ihoge rl8ks, 8NJ obtdn gudrt ev[den￿ that 1$ suffident and aFvoprfale to P￿￿& 8 b081s for our oplnlon. Thi$ inclLpaes )nslderatlon ot the tskof acts by the enlty thÈt were contraryto aFpllcable laws aryj regulatlon8. Includlng fraud. In respon¥e to the risk of Irreg￿￿TIll￿ emd nono•i 2022 2022 2023 Dcqwlknns legacags CharIt8￿• actMtle$ In￿stMon￿ 8,363 3.504 8,371 29.C 11.870 29,003 3,504 10.4 28.402 28.402 Total In¢om• 37,374 40,878 3,504 43.751 47.255 Ralslng fvr 4,212 4,212 4.339 Charfiatle actmlbs 620282 28,549 048,831 814,080 17,958 e32,044 TotAI rMoure•B expfrnded 520282 32,761 853.043 814,088 22,297 636.383 Nel g￿r￿l(lo$￿) on Investments 12 6,025 8,025 (78.285> 176.283) Net Incomlngl {oirtgolng} resources b•forn transfe <618.778} 10,838 (6￿,140) (810.582) 154.8311 {885,413) Gn>ss tr8nsfer5 betwo8n fund8 le.(￿2 116.0021 19.8061 Net movgrn•nt In fun(18 18C(1,7781 {5.364} (6OS,140) (6CO,776) (84,6371 1665.413) Fund balarKw at 1 JanLw 2023 38243,389 810.781 37,054,150 36.844.165 875.397 37.719.562 Fund al 31 tl•¢gmbor 2023 35,642.613 805.397 36.448.010 36,243,389 610,760 37.054,149 Tho 8lat¥m•nt offinprri•l act￿1￿08 i￿u(￿ all gairo and Ic4￿* r•¢ogni¥•d y••r. All IrtDme 8nrl axpend61urB dertve from c4ntlrwlng a(aivWes. The $latemeni of InarKi81 advities dso Y4ith the r•quirements fry •n and 8xpMdilurè aett￿nt under Ihg Companies Ac* 2006. 10- THE laONMOUTH DIOCESAN TRUST BALANCE 8HEET ASA T31 DECEAIBER 2023 14 15 3&eK813 7•781 3q243. 86J79.3N 1.109 1(*M13 Cathatt*rAE h 1&,162 ono y•ar 17 P7.81• lJ20531 T41al •B••t• IM•urfvnt IAbllll 37.lJ54,149 kncf%Thfund8 Ra*ktsJ EdwAtrJr41 Re81rk￿ fvnth.Land & ￿l&jIng8 18 810. 3&842,013 37.(fj4.149 21XKf. th& wr 8r*lwJ 31 Dar*mbw 2(r23. an kn￿n r*nfed (yjl t&*)n 144 of th Thg tholr for uxnpWig vAth I￿ of thè cOrr￿kn Act 2006 *h reepgLlto and thg prepw&trJn orrmndal statgnwts. forthawarknqufj8lknln ifjc•on 478. li THE MONMOUTH DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢countlng pollcl• Chorfty The Monlrouth tXoce6an TnAt15 a wtV8ts company by gullrnntee In• In ENJ*nd and Thg reg￿tered offi¢6 1$ Caerau Raad, Nwort NP20 4FLI. 1.1 Accountliig conv•nllon Th• flnandal 8lthents ￿on pryTed In ¥ox)rdanc• with the ch8rty8 wvemlrvj ￿NaM￿nI, tho Compthes Ad 2008 "AcccAmtiwvJ and Repo￿n9 by CharMle•: Statamert ot Re¢xnm•nd•d Pl￿Ge app￿C9b￿ to ctwllles prepablng fvir In accord￿(% ¥*ith th8 FirorKlal Rtsyling Stsnd8rd ￿P￿.1¢&b￿ In Ihe UK Ind Repu￿1¢ of Ireland IFRS 11Y2) {dlècttw 1 January 2019)": Thè chadty Its a FYA)li Bweftl Entlty as d•fined by FRS 102. Tho chwity ha8 t•k¢n •dvantsg• of the proviBKJnB SORP fc¢ •m•lw ncl to pn¥rth a ststemwrt ot C•$h FI￿￿. Tho fiMnd•l *t•mwrts •r¢ pr•pw8d n 8terflng. ¥A￿ch Is Ihe fL&Ktbnal of tho chgrity. Motxtary amwnts In th88e fin*ndal 6tstemont8 4M fourKled to Ilw n••rut L Tho flnandal slstements na¥• ￿eft pre￿r&I under the hlstork•l vJst ￿ventIOn, mDrfthed ta Irdude the revaluatlon Df I￿ehOld properth8 8nd cortain ffn•ndJl Instruments al voth. Ttta prlncipjj •ccounllng Ildes adopted aro set below. 1.2 Golng concern At thè llrne of 8pwovlng thg fl[w￿l&l ststemerts, tha tru6teo8 have a Tel￿rAts* expectstbn ¢lwity has adequat8 re80uros to conlinuo In QPeT•ticThl 8￿r￿a for Ihe fcts6aeabla futur•. T￿1 th trtht contlnue to the golng c￿c8M t48ts of In pr8p8ring th• finandol stotements. 1.3 Charftsbh R8thct8d funds are 8ubJed to 6F•¢ifi¢ conditKJnB by d)nor¥ ?8 to they may be u60d. The wrpo8¢ts aml uses of th• restricted fvndb In the notes to th• IlnanrJal statemerts. 1.4 In¢cffi• IncL¥nè Is rewgnlsed when the thorityls kngally ￿tItIo￿ lo it after any pwfomi8n¢e ccKtrJ511ons h8Np b88n me( tha amounts ￿ b? measurna ￿[￿8bty, end It k8 PTob8ble that incomo wlll b• r￿￿Ved. Cash donaUo¥)6 or& r8eJ)gnlsed on recelpL Other donatlonB are recogniBed orKfr the chartty been noflfted of ts don¥tion, unfess p￿tsrrron￿ ci*vJftionB rwulro deferral of the amount. I￿oM0 tax rec4)vernblo In rel￿ to donatlons r￿Ved undw GfftAII or dsods ofcov8nant 18 recegn18ed at th• Ym• ul ts dwallon. Rental kwm• l• rwnl8•d tho thailty IB IEgalN eT)dlled to ￿ atsr •ny porfoTmarK8 con¢fjtionè IAv• teen mot, the awrf)unt8 can ￿ m•asured rnll*ly, •rKI k l¥ pmbable that Incom&wlll be rec4W. Inv88knent In￿m01# recogn1￿d on • r￿l¥able ba￿￿ -12- THE MONMOUTH DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢countlno pollcles IConthiu•dl 1.6 Expondlturn U8￿111188 ère re¢ognls¢d 88 expendnute as soon 98 tr*re L8 a ￿al or ￿n8tr(￿the oblwion cunmlttlno the charity tt> Ih&t e¥J￿d￿Ure, it 1$ probabl8 thai a of 8u)nomiG ljenefits wlll be required In Beittement the amount ofth8 oblSgatk)n can ￿ m&a8ured rèll8bly. E>¥endtbJrè18 attcAmtad fr)r on an ac¢ru4$ basi& and h98 be8A cknffied under tr*athngs that a99regftto co>t reL2tèd lo the catw. Gosts ¢annot be dlracuy attrlbLrted to parti¢)Jlar ha**ng6 they hav• boon alk%1￿￿ lo •*viUes a basls ¢￿￿51•nI %*lth the U80 of rnÈourw. Allocallon and apportk¥nm•nt of costs AdmSnistralSon and manag•m•nt cosls ar• alkncated lo the funclbn Df the charty to vthlth they relgte. The mathod ofallocatk*n h88 been (m a pe￿0 ba918 ofthe tylerall 4X#t ofth•t ￿￿￿on. 1.6 Tanglble Ilx•d •88•t• Tanglble assets are Inlll8lly me8wJred gt g)Bt subwuenty mee8wed at ¢0* or wluatlon. depr8clallon And any Impaimionl105s¢B. DoprKlatlon Is reo)gnW 80 98 ID bwlie off th¢ ¢ost or V￿ValJon of •88ets1•ss thelr reFl￿￿] vBlues over tslr U88ful live8. School ￿lId1￿$. orx10 ¢huth h#ll ￿lUed on 31 D9c4ntsr 2016) dyedatsd at a rale calculatsd ty the Di51rictValugrtr) WTrte off th8s9 8ssets ov•r Ihwr ests'm•ted rem￿nIng I￿￿, r*wJing from 20 ￿r8 to 51 years. Any 8xp•rKllture cn 8choc4 bulldiftg8 or trust propertEe8 8fter thiB d* are d6pr•dated ¢1 a rate of 2% ¢)n ¢oBI. d 18 nct dePrec￿led 1.7 FIX￿ asset Invosthwnts F￿0d asset Snvestmgnts are Inllally nwasurod at tr8n$8cllon k¥ice exdurfing transxtion costs, and are subSequen￿Y measured al fair value al e￿h reportlng dato. Charoe5 In fair value are reKognl8ed In rot IrrAmell8xp8ndKure) for the wr. Trarwcoon are expen8èd 85 br￿TTed. 1.8 Calh and cA8h •qulvalonts Cgsh and c8sh equlvalents Include cash tn hand, d•posfts held at call wKh bankB, other 8hort-tsrm I￿Uld knve8lments wth orwdin81 rnatuntie8 of three mt)nlh8 or1•88, and bank overdrafts. B#nk oventrafl$ ar& shovm vAthln torrvwlrvJs In ¢urrenl11gblllU 1.9 Fln•ndJl InglwTr*nts Tho c*arity hAs elec*ed to apply the provL￿On$ of Saction 11 'Basic Finana81 Instrum8nts' 8rKI Sacfjon 12 YJt*er Flnencld Instrument8188UPS' Ot FRS 102 to all of rt8 flnandal Instsumerrt8. FlrAnclal knJlnfftwnts arn reGcgnl8ed In the charftY8 balanc8 sheet wh8n Ihts th*rfty become8 paty to thts contr4Ctu81 prov161c￿8 oflhe Instrument. FiMn¢W as6ds and liabilitles ar¢ off8et. vlu) Ihe nèt amounts pres¢nl&J In tho fin8ncl8I statement8, wh th•r¢ 1$ 9 l&J8lly PA￿￿rCe0bIa rfght to $at off th8 recogn1&￿ ?m¢)uth and th•r• is an int•ntion io $ettl¢ M • not basis or to realtse the asset and settle th& liabfilty 8lmults￿o([SIy. FInarLy￿ as¥ets claAsified 88 olher ffinsncd a8sets are ststed at tsir valuè with any galns or bsses arf81ng on remeawrement rew3nised in profft sy 10$6. Th& ngt gaSn or b35 recognised In profit or1089 Indudes èny dlviJeTra Cr interest eamed finan¢lal as$8L 13- THE MONMOUTH DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlry pollclg (CMUnu•dl Fina￿1*1 •s881s dasslfiod ￿ otsr fin&n(ial aB*ts arè 8tAled at fair Vall￿ ￿ ony golns or *A8e8 arlslng on remea$urement rwnmd n wofit or lo￿. Tho n•t gain or k)88 rècogthed h profft or kiss Indud&$ any Lv wrtW96t aAmed on the fiMnd41 a$60t. FIMrJcld Il•blltles are d•r•ew1￿1 vthen the tharW8 CCrta¢lu•l obllggtkn$ explre or ￿ dlBcharg8d or cAncèll8d. Ba8ic finan￿81 ￿ablI￿leJ, ￿lUdIng ryedltorn Ir￿ bank loJnB are Inlli&Ny r￿￿lled at tr•n8aetlon pth unle88 the arrongernent C4>n6titut8s a financing tran6ac*on. where lh8 dgbl ins1rnm￿I is measured 8t th• prn6ent value of Ihe fvlure paymenly disc¢xJrted at a market rato of inleresl. FInar￿[￿l l•biNde4 da5thed 85 payabl wmhln ong yegr are not smort￿ed. D¢bt instrumerts am 8ub8equonlty cathed at amL¥l8ed rf ￿l￿g the affecttve Intw•st rate ￿9d. Trnd• cr•*tors •r• obligations to pay for good8 or that h•¥• bo￿ 8¢qulr&l h the ordray ca4rs• of operations frcffl supplier8. Amwnts p•y*blo are c4asslfièd as curygrrt [labl￿&S rf pa￿ent wlthin on8 year or 1•88. K noL they are wes8rrtad aB rKM￿rrOAI li•bilities. Trnde uedrtors ire recoonlsed tnftlally at transacllon and 8ub8equ8ntP¥ mealured al afflorU8ed Ixst U8lr4 the effedve Intot96t m6thc#J. D•rncognttlon ￿tIn￿Re1•1 Il•biliti•s Flnanclal liabiliti8y are dereca)gni8ed when th• charitys c0nlr8Ctu￿ oblWtton8 explr• or are dstharged or carKalled. 1.10 T•x*tlon A5 8 reglstered tharlty Monmcwth DI0￿￿ft TrLOt i¥ to the eXem￿On from llxallon of 1￿me and cB￿tal galn8 r￿a¥ad wth sadon5 47&489 of th8 Corporation Tax A& 2010 and Se￿On 258 of thg Taxauon of ChargeakAe Gan5 Aci 1992 to the extgrt that the¥e are aF￿￿ed to tts Gheritable Mly. Crltlcal accounllng •8tlmAteg and ludg•m#nts In thg okWi¢atb)n of the chariVs a¢￿UnI￿g pollclo$, tha trustees ar8 Tèqulrad to m8kÈ IL￿ag￿nts, e8Umales d a88umption8 about the *neunt 01 888ets and Ilablltths that are readlty apparent from i)thpf 8wrc88. The e8tlmatO8 and a6BOCi8t¢d 8sBumpUons affj based on historical exp8rl8rKJ otr*r factors Ihat are conswJw•d to k relevant. Actual r•8utt¥ may ¢Jiff•r from estlmate*. Tho gsumotss arKI undwlyty 8s8umptlons are revlewed on an ongoing basi•. RevisK+ns to xcwnting 88b"rnat8s are rèctsJnls•d In the pe￿¢￿1 In whlth tho •*im8ts 18 T￿Sed bthere Ihe ￿310n affottts ￿[Y that perlod. ci In the ptfvJd of the ar#1 fLrture pgrfods where the re￿$[￿ tx)th and fu￿[8 perlods. 14. THE MONMOUTH DIOCESAN TRUST NOTES TO THE FINANCIAL STATEIIJEiifs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donau0￿ and1opcI Total Réstrlthd Ed￿l￿)no1 2023 GrantÈ 8.383 Ch•rflabh llctl¥illgB TfAal 2023 nd• Larnt & B￿1th19• Edu¢•t10rwl Schools (S8Nc• Level Agr•am Rental income 8,371 8.371 3,604 3,504 8,371 11,875 10,490 An•tygla ty lund Restrtthd furTrJs- Land & BuiJding• Restrto*¥d funds. general 3,504 e,986 8,371 8.371 8,371 11.875 10,490 RMtrlcts(f Restri(a8d lund¥ Educatlonal Ed￿ticfial Purpcom Purp08eB 2023 2022 DivlderKIs Interest recefvable 28,884 119 28,355 47 29,003 28.402 16- THE MONMOUTH DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 RthlTrg fvnd• funds Educallonal EiluG&tior 2tr22 In￿8￿0n* mThgom•nt 4,212 4,339 4.212 Ch•rftabl• J¢lMtI•s 2023 Supportfor Educallon Supwt for S(#wlB- a BulldlrvJ5 Supwt for OthèrTrugt Property 28,649 601,814 4.963 17,893 801.311 3,705 635,328 622.709 Share of 8UPPDrt costs Iso9 note 81 ShgTe ofgovBmarrM ￿$ts (188 r￿te 8} 1.145 12,360 1,205 6,130 848,831 632,044 AMlysl• by fvnd Ro$ld¢ted furKls- Land & Bulldlro$ R08tr1cted Fund5- Edu(3llonl PurpoT•B 620,282 28,549 814,088 17,958 648.831 632.044 16- THE MONMOUTH DIOCESAN TRUST NOTES TO ThE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support ¢o¥ts 8upport Gov•manc• 2023 Suppgrt Go￿rnan¢* In8urar Sundri•8 1,092 53 53 113 113 12,380 12,380 8,130 8.130 1.145 12,3eo 13.506 1.205 8,130 9.335 ChaJttatle KUvlt 1.145 12,380 13,505 1205 8,130 9.335 Gov•marKo cc*ts Ind￿￿•9 paymwrt8 10 th• th of £12,380 for atK1tt fov4 F022 - £8.130) Nrd Qil f¢r other servlcts12022- £nft>. Not mo¥•m•nl In ful￿* Net movement kn fund8 ig stated aftar tharyingl(c*èditinu) Fees payth lo the ¢omparyb •Lthor for the gudit oflhe company'8 fmandal 12.380 600.TT8 8,130 800,778 D•prn¢iob'¢n Oftrwn￿ tan9ible fixed assets 1D Th18t￿3 Nc*)e of the trust8es {or any pwsc<* connected ￿1th thèm) received 8ry remuMr•lion or ￿n&￿S from the tharty durfrKJ ￿ Jear. 11 EmplDy••A Thoro w•ro no •mptyoe8 duinJ tho yo8r. 2022 Number Numbor Tlwe ￿ra no emplw•8s vknoJ• #fin￿1 Miurnrauon w rrKir•lhon £60,000. 17- THE MONMOUTH DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 N•1 galn&llloB8081 on Invo8tm•nts R••trtct•d R•5tri¢*d fvnd• furvJB Ed￿•tIonal Educati¢nil 2022 Re¥aluotion of investments GainllloBs} on sale of In¥￿tm￿rts 1322B (7204) (86,845} 10,380 6,025 (Te,285) 13 T•x•tlon The charlty h exempt from tax on Inwm8 and gain5 lalliny wthln soctton 505 of th8T8xesAc4 1988 OT sedlon 252 of Tax8tlonof Chargeatlo Galn8Act 1992 10 6thnt tho58 ar8 8PF4W to Its chAritBblo oWect& 14 Trngll￿ flx•d a•••t• Fmhokl l￿d •nd bultdl Cost or v•lu8tlon At 1 January 2023 39,810.5QO At 31 Decombor2023 39.810.500 D•prockation and ImpAlmi•nt At 1 January 2W23 Dwed8tlon ¢haTg*l in the year 3,S67,111 800.770 Al 31 Derember2023 4,167.887 Carylng amount AI 31 Docombgr 2023 35,842,813 At 31 D¢Gom￿r 2022 36,243.389 Lar￿ 8nd bulldlng8 Ind￿19nd io ts valu8 01£21,S87,500. No ￿p[e￿OI￿on 1$ pr￿￿thd on ianil Land ènd bu￿Ing8 a carryrfrrfJ amount of £17.832.660 wwo walL*d at 31 Docamber 2018 by Valuatl(Jn Ollke AgènLy,1th1opendwtt valLm not winoctèd with Ihe tharity on the bas18 of market value. The valu8tion ¢Thrforms to InlwnaliMal Valuatlon Stsrthnl8 arKI was bo¥ed r)n market trgn6ackn am's length tern￿ for 8imllar propgrtks. At 31 December 2023. had thB rov8lu&J gssots b98n c8rv6ed 81 hlstorfc c￿1 less aCCx￿￿I9ted depre&￿Tort and occumulated Impalrment losses, thdr carrylng amount wovkl have btten aPpr￿matelY £11,655,138 (2022- £12,or2.577). The revaluafKJn surplus 18 dl8clo8ed In th• r•strithd notè. 18- THE MONMOUTH DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 TangN• flx•d a￿•ts (¢ontlnu•d) £3,884,251 rrf the not bopk rdat¢B to knd and bulldlng8 In re8rect of U￿￿r￿ Pththoloy Schwl. The local authority has not comrAied wth their slatLrtory ot4wb.on to Iranth ond as such Ère holdlng as bare truste89 on bghglf ofmonmouth DIcc888n p8ndlng compllancg wlth th18 ot8tuW ot419thn. A new gthpol opwkd in Raglin in Sept¢mbw 2015 hLW¢W Ot the botonce 8heet date f07Th￿ tr8n6f¢r ol Iorvj to the Trust tod not beon cmcluded. Th8re are cmgdnu neuotlaYor* betw0￿ the Trust and Mmiouth8Mlre C(xmdl to an8￿9 land lo be tr8n8lerred thè ￿TtieS. A8 th8 nsks and reward8 of 01￿8r￿h1p Sit with the Tn￿1, 1he land buildirvJs aro recD3niB&J as an aE80t n th• ffinaTrwl Itatemants. 15 Flx8d a8g•t Inv•Btrn•nts Llsted Inve5tmonts Ca•h In portfolto Tot•1 ¢*¢ or valuatfon At 1 January 2023 Add￿On$ Vèluatk*n changes Olher mov8m8nt 725.973 221,759 13,229 8.488 (221,759} 734.461 13,229 {3,705) 17.204) 13,70 223.828 P31.032} At 31 Oecemttt 2023 729.929 8,852 736.781 C4nylng amount At 31 Dec8mtér 2023 729.929 738,781 At 31 D6(￿￿r 2022 725,973 8,488 734,481 16 D•L*o 23 Amounts falllw du• wlthin on• y••r. Otherdebtor8 1.040 1,109 19- THE MONMOUTH DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMEKfs {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Dèbtorn (Contlnu•d) An wnourt of £90.000 w85 agregd tr rry>8yrn8nl by th• govemorn cl Ma9Y Sdv)Dl over th• raxt year& will bo inc1￿1•d Ni the •caJurits as rt IB rec4lved. The amount outstandlry in Mlititin to th18 agreement18 £47,500 g022'. £48.0001. 17 Cr•ditorn: amounts falllty thèvthhln on• yur 2023 Olher ¢rothlor8 27,813 32,853 -20- THE MONMOUTH DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Analy•ts of nèt *•••ts b¢twe¢n lund8 Totsl Re•trfct•d. Land & Educatlonal Bulldlng* Purpo¥e¥ X122 2022 Tol•l Land & Ed￿￿tIonal Bulldlngs Purpo••• 2023 2023 2023 2022 Fvnd b8l•nces at 31 D￿mb￿r 2023 repre#ent￿ by: Tangible 888ets Inbwtmenls Curr•nt ass8ts1lliab1ti￿I 35,842.613 35,642,613 36243,389 736.781 68.616 38.243,389 734,481 76299 736,781 68.616 734.461 78.299 35,842,613 805.397 36,448,010 38.243.389 810,760 37.054,149 20 R•l*led party tr•n¥•dlo ro were no clher (hc*wbh rdated paty tran¥&diorkq during the year. 21 ¢u¥¢odlan Pund• Tn4tees ad as ￿stOdI8Th truBtses with ro4￿n8￿11￿e9 for fiJndB hdd cfi boh&lf of othors. Th8￿ funds are held on l*hall of parl8h85 and have a (ledk81eO bank occount, and Ins￿￿8 the folknving tPJsts: Abertil￿- £37.5012022.' £30.00) N•wport st Pauls- £I5.￿l2022.. £12.W} Rumney- £20.0012022.. £20.00) Sundry Mon.DK)cesgn Trust- £134.fAI (2022.. £134.00). -22-