COMPANY REGISTRATION NUMBER: 00182863 CHARITY REGISTRATION NUMBER: 232841 The Monmouth Diocesan Trust Company Limited by Guarantee Financial Statements 31 December 2024 WALTER HUNTER & CO LIMITED Chartered accountants & statutory auditor 24 Bridge Street Newport South Wales NP20 4SF The Monmouth Diocesan Trust Company Limlted by Guarantee Financial Statements Year ended 31 December 2024 Page Trustees, annual report (incorporating the directols report) Independent auditorfs report to the members Statement of financial activities (including income and expenditure account) 13 Statement of financial posttion 14 Notes to the financial statements 15 The Monmouth Diocesan Trust Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnu•dJ Year ended 31 December 2024 The trustees. who are also the directors for the purposes of company law, present their report and the financial stslements of the charity for the year ended 31 December 2024. Reference and admlnl$trative detalls Registered charity name The Monmouth Diocesan Trust Charlty registration number 232841 Company rggi$tration number 00182863 Principal office and reglstgred Diocesan Offi offic8 64 Caerau Road Newport NP20 4HJ The tru$tg0s Ex officio The Bishop of Monmouth (Chairl - The Right Reverend C E Vann The Dean of Newport- The Very Reverend I C Black The Aichdeacon of Newport- The Venerable J S Williams The Archdeacon of Monmouth - The Venerable l K Rees The Archdeacon of the Gwent Valleys - The Venerable S Bailey Elocted Susan Gwyer-Robert5 Nicola Pri Rébecca Penn Appointed by Area Deans .There are curTenlly vacancies for Area Deans Secretary Executive Officer Isabel Thompson Belhan Davies Audltor Walter Hunter & Co Limited Chartered accountants & slalulory auditor 24 Bridge Street Newport South Wale5 NP20 4SF Bankers Natwest Bank pl¢ High Street Newport NP19 1GG Sollcitors Jacklyn Dawson Solicitors Equity Chambers John Fr05t Square Newport NP20 1PW The Monmouth Diocesan Trust Company Limited by Guarantee Trustees. Annual Report {In¢orporating the Dir8Ctorfs Report) (continued) Year ended 31 December 2024 Strategic report The followng sections for achievements and perfonnance and financial review fomi the strategic report of the charty- Objectives and acttvltles Objeclivgs and strategy The charity is responsible foi the provision of support and finance, as available. for Church in Wales Schools within the Diocese of Monmouth as approved by Iruslees. The Memorandum & Articles of Association of the Trust pemil il lo hold property and funds on behalf of parishes within the DI￿ese. In 1999 most of these properties and funds were transferred lo the Monmouth Diocesan Board of Finance to enable the Trust to concentrate on supporting the Church Schools within the Diocese. 21st Century School Building Programme Money which used to be gThien by the Welsh Government directly tothe Church in Wales to help maintain and upgrade the school buildings has been wf(hdrawn and subsumed into the Govemment's 21 sl Century School Building Programme. This programme 1$ administered by the Local Authorities, who now decide the priority for upgrading school buildings. Capital Repair and Maintenance Programme {CRAMPI As agents of the Welsh Government scheme, the Trust administered grant monies of £16,026 in 2024 to help the Diocesan Voluntary Aided schools with minor repairs. Publlc bene The Trustees have had due iegard to the Charity commission guidance on public benefit and are content that the Trust is demonslraling public benefrt in providing support fol church schools. The Trustees are satisfied that the church schools are providing a good standard of education for local children and are serving the wider community. The Monmouth Diocesan Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlrectorfs Reportl {WTrliniredJ Year ended 31 December 2024 Achievements and perfomiance Raglan Sehool Work lo transfer the land upon which the naw school has been buif( is ongoing pending re￿Ipt of valuations of the respective parcels of land currently in the ownership of thè Council and the TrusL During 2024, through discussions wlh Monmouthshire CounrAI quotes ware obtained for valuars to value the various par￿1$ of land so that they could be transferrèd. Loan to Magor School There is £47.5k outstanding from the Governing Body of Magor Church in Wales Prirnary School. However. Ih&re is no contract in Pla￿ for the repaymenL The School Govemors have agreed to pay b￿￿e￿n £1,000 and £2,000 p6r annum. Land at Llanfa5r Kllgeddln The school building at Llanfair Kilgeddin was sold in 2018 for £265,000. The assoriatsd land is covered by a separate Trust Deed and has been marketèd for sale. In 2018 the trustees, agreed in prillcipI8, tts sell the land to the Monmouthshir8 Housing Association for the dev81opm&nt of affordable housing. In 2020, an independent surveyorfs report, advised the trustees that MonMouthshi￿ Housing Association's offer for tha land did ntst reprasent best value and they were advisèd to consider other opb"ons. The land is now being maintsined while di5cussitsns continue about the opb.ons for the rernaining site. Meetings wèrè held with m(>nrnoUthshi￿ Housing Association in 2024. Valuatlon of Trust Propertles The school prope￿e$ were revalued in 2016 and th6y are being depr8aat6d from 2017. The trustees have now agreèd to revalua the properties every 10 years. The Monmouth Diocesan Trust Company Llmited by Guarantee Trustees, Annual Report (Incorporatlng the Director's Report) (contlnu8d) Year ended 31 December 2024 Financial revigw Flxed Assets The Diocesan Trust's fixed assets were re-valued in Docember 2016. The lolal value ofthe fLxed assets al 31 December 2024 was £ 35,041,837 (compared lo £ 35,642,613 at 31 December 20231. Investment powers and policy Under the governing document, the charity has the powerto invest in any way the trustees wish, subject to Trustee legislation. The investments are managed by independent investment managers who have delegated authority lo buy and sell without reference lo trustees. In practice, all such purchases and sales are notified to the Secretary, and a full review of the charity's portfolio is undertaken each year by an Investment Advisory Group representing both ofthe Diocesan charities. The Archdeacon of Newport and Mrs Susan Gwyor-Roberts represent the interests of the Diocesan Trust on this group. The Investment Managers are required lo adhere to the prescribed ethical policy agreed by Trustees. The ethical policy follows that agreed by the Church in Wales and is discussed and reviewed regularty. The value of the investments at 31 December 2024 was £753,629 (compared lo £736,781 81 31 December 2023). Reserves policy The current policy is lo hold at least £50k in cash to cover short lemi expendi(ure. Our Investment Managers have assured us that further funds can be available within one month. if required. The trustees consider that the level of reserves is adequate for the future needs and requirements of the charty. The reserves policy is reviewed regulady. The Monmouth Diocesan Trust Company Limited by Guarantee Trustees. Annual Report Ilncorporating the Director's Report) Iconunued) Year ended 31 December 2024 structure. Governance and P41anagement Governing Document Monmouth Diocesan Trust is a company limited by guarantee governed by ils Memorandum and Articles of Asstxialion dated 19th June 1922. It is regisleTed as a charity with the Charrty Commission for England & Wales. Rules covering membership are laid down in the Articles of Association. Elections of trustees are for a period of one year and take place at the Annual General Meeting. The Area Deans are responsible for nominating 3 of their group lo be trustees. The Headleachers of the Cinw schools, in conjunction with the DDE, are responsible for nominating 2 of their group lo be trustees. Trustee Inductlon and training The Diocesan Secretary is available to brief new trustees about their legal obligations under charity and company law, the background history of the charity, tho decision-making processes, the regular monitoring of the finances, and the previous yearfs finaneial performance of the charity. Management and Organisation Meglings The Trustees met four times in 2024 in addf(ion lo the Annual General Meeting held on 19th September 2024. At each meeting a statement showing the previous quarterfs income and expenditure was presented. A forecast of fLrture expenditure and the value of the Charity's investments was also made available to trustees. Administration The Secretary and Executive Officer, employed by Monmouth Diocesan Board of Finance, manages the day-to4ay operations of the charity- The Secretary has delegated authority, approved by the trustees, ft)r operational mallers and the control of Ihefinances of the charitywilhin prescribed guidelines for projects approved by the trustees. Financial relationship with Monmouth D￿Cesan Boartl ofFinance The Monmouth Diocesan Board of Finance look over ffnancial responsibility for the diocesan provision of education during 2020, covering costs that the Diocosan Trust were no longer able to cover. With this, the DBF embarked on a new relationship with the Diocese of Llandaff whose education team extended their scope lo lake on the diocesan ststutory duties for church schools in Monmouth. Prior to 2020 an annual administration fee was payable lo Monmouth Diocesan Board of Finance to cover the costs of secretarial faeilities provided by the Monmouth Diocesan Board of Finance. 11 has been agreed with the DBF that the Trust wll not be required to pay the adminislralion fee from 2020 onwards in order lo reduce Trust expondilure. This will continue to be reviewed in 2024. The Monmouth Diocesan Trust Company Llmited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (con*nu¥d) Year ended 31 December 2024 Structure. Governanco and Management fcontlnued) Rlsk management Major Risk The major identified risk is the income which is required lo support the 15 chU￿h Schools in the Diocese. During 2020, as part of wider Diocesan Review, it was agreed that the Monmouth Diocesan Board of Finance would take over the expenditure relating lo the diocesan stalulory duties for education. Work has continued, to ensure the Diocesan Trust is financially sustainable and in 2022 the Church Schoo15 agreed lo a Service Level of Agrèement and the Diocesan Trust will receive a contribution from each school towards Ihe services provided. The Monmouth Diocesan Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {¢onllnu¢ts) Year ended 31 December 2024 Trusteos. respon$lbllltlos statomgnt The trustees. who arg abo directors forthe purposes of¢ompany law, are responsSbl&for preparing the Irustee8' report 8nd the financial statements in accordanc8 With applicable law and United Kingdorn Accounting Standards IUn(ted Kingdom Generalty Aceepled A¢¢ounling Prg¢li¢e}. Company law requ5￿$ the ¢harity tr￿tee8 to prepare financial stsl¢ments for each y￿r vthich give a true and fair view of the slate of aff￿rS of the charitable company and the incoming Tesources and application of resources. in¢luding th8 income and expendilure. forlhat peiiod. In pr8paring these financial statements, the Iru8lees are required lo.. select $uitsble a¢¢ounling pcAicie$ and then appty them eonsi$lenlly,' observe the rnethods and principles in the applic*Jle Charbties SORP-, make judgment$ and a¢counlN)g estimates that are reasonable and prud￿( state whether appli¢abl¢ UK Ac¢ounling Standards have been followed, 8ublect to any material deportures disdosed and explained in the finanGial stat8m8nts', prepare the financial statements on the going concem basls unless11 is inappropriate to presum8 that tha charity wtll conlinue in business. The Iruslee$ are re8ponsible for keeping adequate accounting rgcords that are sufficient to and explain the charitys transactions and dlsclose with reasonable accura¢y at any time the financial posilton of the charty and enable them lo ensure that the financbal statements comply with the Companies Act 2006. They a￿ also responsiblE for safeguarding the assets ol the rharky and hence lor laknig reasonable steps forthe prevention and detection of fraud and Ot￿r irrggulariti&s. Auditor Each of the persons who 18 a Iruslee al the date of approval of thps report confirms Ihatr. so far as they are aware. there is no ralovant audit infomialion of which the charity's auditor is unaware.. and they hav• taken all step¥ that they ought to have taken as a trustee to make Ihemsefve$ aware of any ielevant audit information and to establish that the charity's auditor 18 8war• of th* information. The trustees, annuol report And the straleglc report We￿ approved on 01 Seplembgr 2025 8n*J signed on behamof the board of trustees by.. The Bishop of Monmouth (Chair)- The Right Reverend C E Vann Tfuslee The Monmouth Diocesan Trust Company Limited by Guarantee Independent Auditor's Report to the Members of The Monmouth Diocesan Trust Year ended 31 December 2024 Oplnlon We have audited the financial statements of The Monmouth Diocesan Trust Ilhe 'charty'} for the year ended 31 December 2024 whieh comprise the slalement of financial activities {including income and expendtture account), statement of financial posf(ion and the related notes, including a summary of significant accounting policies. The financial ￿porting framework tha has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Aecounting Praclico). In OUT opinion the financial statements- give a true and fair view of the state of the charity's affairs as at 31 De￿mber 2024 and of ils incoming resources and application of resources, including ils income and expenditure, for the year then ended., have been property prepared in accordance wf(h United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Companses Ad 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audrt of the financial statements section of our report. We are independent of the charity in accordance wrth the ethical requirements that are relevant to OUT audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fU￿illed our other ethical responsibilities in accordance with these requirements. We believe that the audf( evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusion$ relating to going concern In audf(ing the finanekgl slatemenls, we have concluded that the trustees, use ofthe going concem 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 lo events or condi(ions that. individualty or collectively, may cast significant doubl on the charity's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial slalements aro authorised for issue. Our responsibilities and the responsibilities of the Irusleos with respect to going concem are described in the relevant sections of this report. The Monmouth Diocesan Trust Company Limited by Guarantee Independent Auditofs Report to the Members of The Monmouth Diocesan Trust (¢onUnu8d) Year ended 31 December 2024 other Infomiation The other information comprises the infomiation included in the annual report, other than the financial statements and our audilorfs report thereon. The trustee8 are responsible forthe other information. Our opinion on the financial slalemenls does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not expres$ any fom of assurance conclusion theTeon. In connection with our audf( of the financial slalements, our responsibility is to read the other infomalion 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 lo be materially misstsled. If we identify such materi81 inconsistencies or apparènt material mis51alements, we are required to detemiine whether there is a material misslalemenl in the financial statements or a material misslatemenl of the other infomiation. If, based on the work we have performed, we conclude that there is a material misslatemenl of this (rther infom)ation, we are required lo report that fact. We have nothing to report in this regard. Opinion$ on other matters proscribed by the Companie$ Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information gwen in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the trustees. report has been Pfepared in accordance wth applicable legal requirements. Matters on whlch we are requlred to report by gxception In the light ￿the knowledge and understanding ofthe charity and f(s enmronment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation lo which the Companies Act 2006 requires us lo 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 rtain 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. The Monmouth Diocesan Trust Company Limited by Guarantee Independent Auditorfs Report to the Members of The Monmouth Diocesan Trust (conunuedj Year ended 31 December 2024 Responslbllltlgs of trustees A5 explained more fully in the trustees. responsibilities statement, the twslees (who are also the directors for the purposes of company lawl are responsibleforthe preparation of tho financial statements and for being satisfied that they gwe a true and fair view. and for such internal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free Irom material misstatement, whether due to fraud or eror. In preparing the financial slalements, the trustees are responsible for assessing the charity's abilty to continue as a going concern, disclosing, as applicable. matters related to going coneem and using the going concem basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic altemative but to do so. AUdit0￿S responsibilities for tho audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial slalements as a whol8 are free from material misslalement, whether due to fraud or error, and lo issue an auditor's report that includes OUT opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UK} will oKvays delect a material misslalement when il exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to Influen￿ the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of nong fraud. The extent lo which our procedures are capable of detecting irregularities, ineluding trauQ is detailed below.. By enquiring wf(h senior management and those charged with governance all area of risk identified were considered and any potential litigation or claim, rf any, were noted Ensuring by enquiry that there were no issues of non•compliance with laws and regulations relating lo tax and compliance By obtaining an understanding of the charty's policies and procedures on compliance wf(h laws and regulations, and with best accounting practice Noting issues discussed with Trustees and the Senior Managemet)l Team as this relates to risks faced by the charty Reviewing information received from the charity's solicitors, if any and discussing their contents with the Trustees Reviewing disclosures in the financial statements and testing lo supporting documentation lo assess compliance with applicable laws and regulations Auditing the risk of management overrides of controls including lesling joumal entries and other adjuslments for approprialgness and evalLtaling the business rationale of signrficant transactions outside the norrnal Course of business Through these procedures. we did not become aware of actual or suspected non-compliance. 10 The Monmouth Diocesan Trust Company Limited by Guarantee Independent Auditorfs Report to the Members of The Monmouth Diocesan Trust (continuedj Year ended 31 December 2024 As part of an audit in a￿OrdanCe wi(h ISAS {UKI, we exercise professional judgment and rnainlain professional sceplicism throughout the audit. We also.. Idenltfy and assess the risks of material misslalemenl of the financial statements, whether due to fraud or error, design and perfomi audit procedures responsive lo those risks. and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not delocling a material misstatement resutting from fraud is higher than for one resulting from error. as fraud may involve wllusion, forgery. intentional omissions. misrepresentations, or the oveTride of inlemal control. Obtain an understanding of internal control relevant to the audit in orderto design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the tTUStees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material ￿n￿rtaInty exists related to events or cond((ions that may cast significant doubl on the charity's ability lo continue as a going ¢oncem. If we conclude that a material uncertainty exists, we are required to draw attfyntion in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to mtxjfy our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our auditor's report. However, future events or conditions may cause the charity to cease lo continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whelherlhe financial slalemenls representthe underlying transactions and events in a manner that achieves fair presentation. 11 The Monmouth Diocesan Trust Company Limited by Guarantee Independent Auditorfs Report to the Members of The Monmouth Diocesan Trust (continued) Year ended 31 December 2024 We eornmunicale with those charged with govemance regarding, among other matters, the planned scope and liming of the audit and significant aLtdit findings, including any signrficanl deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our aud(t work has been undertaken so that we might slate lo the charity's members those matters we are required lo slate to them in an auditorfs report and for no other purpose. To the fullest extent pemiitted bylaw, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit worf(, for this report, or for the opinions we have fom)ed. Jonathan Rhodes Bsc BFP FCA {Senior Slalulory Auditor} For and on behalf of Walter Hunter & Co Limf(ed Chartered ac¢ountanls & stslutory auditor 24 Bridge Street Newport South Wales NP20 4SF 01 September 2025 12 The Monmouth Diocesan Trust Company Limited by Guarantee statement of Financial Actlvities (including in¢ome and expenditure account) Year ended 31 December 2024 2024 Reslricled Restricted funds funds Land & Educational Buildings Purposes Total funds 2023 Total funds Note Income and endowments Charitsble aclThrities Investment inmme 3,504 8,462 28,333 11.966 28,333 40.299 11,875 29,003 40,878 Total Income 3,504 36,795 Expenditure Expendrture on raising funds.. Costs of raising donations and legacies Expendf(ure on charitable actwiiies Total expendlture 4,272 24,070 4,272 637,268 4,212 648,831 613,198 613,198 28,342 641,540 653,043 Nel gains on investments 11 20,630 20,630 6.025 Net expendrture {809,6941 29,083 1580,611) 1606,1401 Transfers between funds 19 8,918 (8,9181 Net movgment in funds {600,7761 20,165 1580,6111 (606,140} Reconclllation of funds Total funds brought forward Total funds carried forward 35,642.613 805.397 36,448,010 37,054,150 825.562 35,867,399 36,448,010 35,041,837 The statement of financial actwities includes all gains and losses reeognised in the year. All income and expend¢(ure derive from continuing activities. Th8 notes on pages 15 to 24 fomi part of thesè financlal statsmonts. 13 The Monmouth Dlocesan Trust Company Llmited by Guarantee Statement of Financial Posltlon 31 Doc?mber 2024 2024 2023 Fixed assets Tangible fbxed assets Investments 15 35.041.837 35,642,613 16 753,629 736.781 35.795.466 36.379,394 Currnnt a$s•ts Debtors ash al bank and In hand 17 6,258 87.087 93,345 1,038 95,391 96.429 Credltots." amounts falllng du• wlthln one year Net ¢urrent assgts 18 21,412 71,933 68,616 35,867,399 36,448,010 27.813 Total assets less current Ilabllttl66 Fund5 of th• charity Réstricted funds Educational Purposes Restricted funds Land & Buiklings Total charity funds 825,562 805,397 35,041,837 35,642,813 19 35.867.399 36,448,010 Thesg financial statements weTe approved by the board of trustaes and authorised for issue on 01 Septernber 2025. and are 5tgned on behalf of the board by.. The Bishop of Monrnouth IChair>- The RvJht Reverend C E Vann Trustee &J Tho not95 on pay¥ 15 to 24 fomi part otth8se finan¢lal stat•ments. 14 The Monmouth Diocesan Trust Company Llmited by Guarantee Notes to the Financlal Statements Year ended 31 December 2024 General information The charty is a public benefrt entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Diocesan Office, 64 Caerau Road, Newport. NP20 4HJ. Ststernent of compliance These financial statements have been prepared in complianee with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland., the Statement of Recommended Practice applicable to charities preparing their accounts in accordance w((h the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102} (Charities SORP IFRS 10211 and the Companies Act 2006. Accounting pollcies Basis of pr9paration The financial statements have been prepared on the historical cost basis, as modrfied by the revaluation of certain financial assets and liabil((ies measured at fair value. The flnaneial slalemenls are prepared in sterling, which is the functional currency of the entty. Going concgrn 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 Imslees continue to adopt *h8 going concem basis of accounting in in preparing the financial statements. Judgaments and koy sources of estlmatlon uncertalnty The preparation of the f5nanci81 statements requires management to make judgements, estimate5 and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the cii¢umstances. In¢omg tax As a registered charty, the Monmouth Diocesan Trust is exempt from inwme taxlo the extent that its income and gains are applicable to charitable purposes only. 15 The Monmouth Diocesan Trust Company Llmlted by Guarantee Notes to the Financial Ststements fconlinuedj Year ended 31 December 2024 A¢￿UntIng pollcles {¢ontinuedJ Fund accounting Unreslricled funds are available for use at the discretion of the Iruslees lo further any of the charity's purposes. Designated funds are unrestricted funds e8marked by the trustees for particular future project or commrtmenl. ReslTicled funds are subjected lo restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one oftwo sub-classes.. restricted income funds or endowment funds. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. st is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants Is reeognised when there is evidence of ent(Ilemenl lo the gift, receipt is probable and ils amount can be rneasured reliably. legacy income is recognised when receipt is probable and entiuemenl is established. income from donated goods is measured al the fair value of the good5 unless this is impractical to measure reliably, in which ¢a$e tha value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the eonlribution of general volunteers. income from contracts for the supply of services is reco9nised with the delivery of the contracted service. This is classffied as unrestricted funds unless there is a contractual requirement for f( lo be Spent on a particular purpose and returned if unspent, in which case il may be regarded as restricted. 16 The Monmouth Diocesan Trust Company Limited by Guarantee Notes to the Financlal Statements (contlnuedj Year ended 31 December 2024 Accountlng pollcles fwptinuedj Resourcos expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classif￿d under headings ofthe statement offinancial aclivrties to which il relates: expenditure on raising funds includes the costs of all fundraising adThif(ies, events, non- charitable trading activities, and the sale of donated goods. expenditure on char((able activities include5 all costs incurred by a charty in undertaking activities that further ils charitable aims for the benefit of ils beneficiaries, including those support costs and costs relating lo the govemance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the eharty nor part of i(5 expenditure on charf(able activities. All costs are allocated to expenditure categories refiecting the use of the resource. Direct costs attribu18ble to a single activty are allocated directly to that aclwily. Shared costs are apportioned between the activities they contribute lo on a re8sonable, justifiable and consislenl basis. Tanglble assets Tangible assets are initially recorded al cost, and subsequently sL*ed al cost less any accumulated depreciation and impairment losses. Any tangible assets ¢ofTied at revalued amounts are recorded al the fair value al the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impaiment losses. Dgpre¢iatlon Depreciation is recognised so as to write off the cost or valuation of assets less their residual value over their useful INes. School buildings (valued on 31 December 2016) are depreciated at rale calculated by the District Valuer lo wiite off these assets over their estimated remaining Lssèful lives, ranging from 20 years to 51 years. Other buildings Ivalued on 31 December 201618re depreciated on a 20h p.a. straight line basis. Any expenditure on school buildings or trust proporties afler this date is depreciated al a rale of 20A p.a. on cost. Lanil is not depreciated. 17 The Monmouth Diocesan Trust Company Limited by Guarantee Notes to the Financlal Statements (contrnuedj Year ended 31 December 2024 Accounting policies (conllnu8dJ Investm9nts Listed investments are measured at fair value with changes in fair value being recognised in profrt or. loss. Impaimient of flxed assets A review for indicators of impairment is carried out at each reporting dale, with the recoverable amount being estimated where such indicators exist. Vvhere the carrying value exceeds the recoverable amount, the asset is impaired accordingty. Prior impaimenls are also reviewed for possible reversal al each reporting date. Forthe purposes of impairment lesling, when it is not possible lo estimate the recoverable amount of an individual asset. an estimate is made of the recoverable amount of the Cash-generating unit to which the asset belongs. The cash-generating unrt is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. Financial InstNments A financial asset or a financial liability is recognised only when the charity becomes a party to the onlractual provisions of the inslrL¢ment. Basic financial instruments are initially recognised al the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured atthe cash or otherconsideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can olhetwise be measured reliably, the investment is subsequently measured at fair value wf(h changes in fair valije recognised in income and expenditure. All other such investments are subsgquently measured at cost less impaimient. other financial instruments, including derivalwes, are inilialty recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rale of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted al a market rate of interest for a similar debt instrument. Olherfinancial instruments are subsequently measured * fair value. wf(h any changes recognised in the statement of financial aclivrties, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impaimenl at the end of each reporting date. If there is objective evidence of impairment, an impaiment loss is recognised underthe appropriate heading in the slalemgnl of financial activities in which the initial gain was recognised. 18 The Monmouth Diocesan Trust Company Limited by Guarantee Notes to the Financlal Statements fconiYnu¢d) Year ended 31 December 2024 Accounting policies (conthuedj Financlal Instruments fcontinued) For all equity instruments regardless of signfficance, and olherfinanclal assets th* are individually signifieanl, these are assessed indiv¥dually for impairment. Other financial assets are either assessed individually or grouped on the basi5 of similar credf( risk characteristics. Any reversals of impairment are recognised immediately, lo the extent that the reversal doe5 not result in a carying amount of the financial asset that exceeds what the carrying amount would have bgen had the impaimienl not previously been reeognised. Limited by guarantee The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liabilty in respect of the guarantee is limited lo £1 per member of the charity. There are 8 members of the charily12023'. 81. Charltable activities Restricted Restricted Funds Funds Land Educational Total Funds & Buildings Purposes 2024 Rental Income Schools (Service Level Agreement) 3,504 3,504 8,462 11,966 8,462 3,504 8,462 Restricted Restricted Funds Funds Land Educational Total Funds & Buildings Purposes 2023 Rental Income Schools Iservice Level Agreement) 3,504 3,504 8,371 8,371 3.S04 8,371 11.875 Investment income Restricted Restricted Funds Funds Educational Totsl Funds Educational Total Funds Purposes 2024 Purposes 2023 Dividends Interest Receivable 28,189 144 28.189 144 28,884 119 28.884 119 28,333 28,333 29,003 29,003 19 The Monmouth Diocesan Trust Company Limited by Guarantee Notes to the Financial Ststements (contlnuedj Year ended 31 December 2024 Costs of raislng donations and lagacigs Reslrided Restricted Funds Funds Educational Total Funds Educational Total Funds Purposes 2024 Purposes 2023 Investment management 4,272 4,272 4.212 4,212 Expenditure on charitable activitie5 by fund type Restrict Restricted Funds Funds Land Educational Total Funds & Buildings Purposes 2024 Support for Education Support for Schools- Land & Buildings Support for Other Trust Property Support costs 24,070 24.070 600,776 4,975 7,447 600,776 4,975 7,447 613,198 24,070 637.268 Restricted Restricted Funds Funds Land Educational Total Funds & Building$ Purposes 2023 Support for Education Support for Schools - Land & Buildings Support for Other Trust Property Support costs 28,549 28,549 601,814 4,963 13,505 601,814 4,963 13,505 620,282 28,549 648,831 Expendlture on charitable activitie5 by activlty type Activities undertaken directly Support Total funds costs 2024 Total fund 2023 Support for Education Support for Schools- Land & Buildings Support for Other Trust Propety Govemance costs 24,070 600,776 4,975 24,070 602,007 4,975 6,216 637,268 28,549 602,959 4,963 12,360 1,231 6,216 629,821 7,447 648,831 20 The Monmouth Diocesan Trust Company Limited by Guarantee Notes to the Financlal Statements f¢onthue¢l) Year ended 31 December 2024 10. Analysis of support costs Restricted Funds Land & Buildings Total 2024 Total 2023 General office Insurance Governance.. Audit fee 87 1,144 6,216 87 1,144 6,216 53 1,092 12,360 7,447 7,447 13,505 11. Net galns on investments Restricted Reslricled Funds Funds Educational Total Funds Educational Total Funds Purposes 2024 Purposes 2023 Unrealised gainsl{lossesl on listed investments Realised gainslllo$sesl on listed investments 8,681 8.681 13,229 13,229 11,949 11,949 17,204} 6,025 17,204} 6,025 20.630 20,630 12. Nat Oxpgndlture Nel expenditure is stsled after chargingllcredilingl.. 2024 2023 Depreciation of tangible fixed assets Fees payable for the audit of the financial statements 600,776 6,216 600,776 12.360 13. Staff costs The Trust does not directly employ any staff. Administration of the Trust is undertsken by the Monmouth Diocesan Board of Finan￿. 14. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 21 The Monmouth Diocesan Trust Company Limited by Guarantee Notes to the Flnancial Statements (contlnuvd) Year ended 31 December 2024 15. Tangible flxed assets Freehold Land and Building$ Cost At 1 January 2024 and 31 D9combgr 2024 Dgpreclation At 1 January 2024 Charge for the year At 31 December 2024 39,810,500 4,167,887 600,776 4,768,663 Carrying amount At 31 December 2024 35,041,837 Al 31 December 2023 35,642,613 Land and buildings includes land to the value of £21,567,500. No depreciation is provided on land. Land and buildings with a carrying amount of £17,632,660 were revalued al 31 December 2016 by The Valuation Offiee Agency, who are independent valuers not connected with the charty, on the basis of market value. The valuation conforms to Intemalional Valuation Standards and was based on recent market transactions at am's length terms for similar properties. At 31 December 2024, had the revalued assets been carried at historic cost less accumulated depreciation and impairment losses, their carrying amount would have been approximately £11,237,695 {2023.. £11,655,136). The revaluation reseNe is disclosed in note 19. 16. Investments Cash or cash Listed equivalents investments Total Cost or valuatlon At l January 2024 Additions Disposa15 Fair valuo movements Other rnovemenls 6,852 1151.440} 262,597 729.928 151,440 {250,6481 9,683 736,781 11,949 9.683 14.7841 753,629 14,7841 113,225 At 31 December 2024 640,404 Carrying amount At 31 December2024 113,225 640,404 753,629 At 31 December2023 6,852 729,929 736,781 The investment portfolio is managed by Brewin Dolphin and is valued al closing market value on 31 December 2024. 22 The Monmouth Diocesan Trust Company Llmlted by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 December 2024 17. Debtors 2024 2023 Other debtors 6.258 1,038 An amount of £90,000 was agreed for repayment by the governors of Magor School when financial conslrainls allow. This will be included in the accounts as Tt is received. The amount outstanding in relation lo this agreement is £47,500 {2023.' £47,500). 18. Creditors: amounts falling due within one year 2024 2023 Other creditors 21,412 27,813 19. Analysis of charltsble funds Restricted funds At 1 January 2024 At31 Gains and December losses 2024 Income Expenditure Transfers Educational purposes Land & Buildings.. Propety reseNe 17,401,326 Land & Buildings.. Revaluation reserve 805.397 36,795 128,3421 (8,9181 20,630 825,562 3,504 {613,198) 261.412 17,053,044 18,241,287 36,448.010 1252,4941 17,988,793 40,299 1641,5401 20,630 35,867,399 At 1 January 2023 At31 Gains and December losses 2023 Income ExpenditLtre Transfers Educational purposes Land & Buildings.. Property reserve 17,749,608 Land & Buildings.. Revaluation reserve 810.761 37,374 132,7611 116,002} 6,025 805,397 3,504 {620.282) 268,496 17,401.326 18,493,781 {252,4941 18,241,287 6,025 36,448,010 37,054.150 40,878 1653,043} Schools Fund - Educational Purposes This is the excess of income of the restri¢led funds after the creation i)f the Land and Buildings restricted fund and can only be used for educational purposes. 23 The Monmouth Diocesan Trust Company Limited by Guarantee Notes to the Flnancial Statements (¢onlltrJu Year ended 31 December 2024 19. Analysis of charltable funds (contlnued) Land & Buildings- Property reserve- This fund refiecls the net book value of the TrusV8 tangible assets less amounts arising due to revaluation. Land & Buildings - Revaluatlon reserve- This fiJnd has arisen following the valuation of church hool$ in the Diocese of Monmouth in 2016 Transfers between funds Transfers have been made between funds to agree the fund balances at the year end to rolect the net book value of land and buildings. 20. Analysis of net assets between funds Restricted Restricted Funds Funds Land Educational Total Funds & Buildings Purposes 2024 Tangible fixed assets Investments Current assets 35,041,837 35,041,837 753.629 71,933 753,629 71,933 825,562 35,867,399 Net assets 35,041,837 Restricted Restricted Funds Funds Land Educational Total Funds & Buildings Purposes 2023 Tangible fixed as5els Investments Current assets 35,642,613 35.642.613 736,781 68,616 736,781 68,616 805,397 36.448,010 Net assets 35,642,613 21. Custodlan Funds Trustees act as custodian Iruslees with responsibilities fol funds held on behaif of others. These funds are held on behawof parishes and have a dedicated bank accotjnt, and inelude the following Irusls.. 2024 2023 Abertillery Newport St Pauls Rumney Sundry Monmouth Diocesan Trust 45 18 30 38 15 20 134 227 207