REGISTERED COMPANY NUMBER: IMk205176 (England •nd Wales) REGISTERED CHARITY NUMBEK. 234156 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2(125 FOR THE BANGOR DIOCESAN TRUST t) Esgobaeth Bangor The Diocese of Bangor Yr E9lwys yng Nghymru 7hg Owrth ir¢ Wales williomsdenton THE BANGOR DIOCESAN TRUST COIYTENTS OF THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Report of the Trustees Rtport of the Iodependent Auditors Statement of Financial Artivities io B￿Allet Sheet Cash Flow Ststement 12 Notes to the Cash Flow Stattmertt 13 Nottt to the Fin¥Jneial Staten)ents 14 to 22 THE BANGOR DIOCESAN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Th¢ trn$t¢¢s who are 81$0 directors of the charity for the pU￿OseS of the Companics Act 2n06, present their repbTt with the financi?1 stat¢m¢nts of th¢ Charity for the ycar ended 31 Mareh 2025. The truslees have adopt¢d th¢ prolisions of A¢￿v￿ting and Reptsrting by Charities.. Statement of Recommended Practicc applicablc to ¢haritieg preparing iheir ccounts in a¢coTdonc¢ with th¢ Fina￿1￿1 R¢porting Standard applieable in the UK and Republic of JT¢land (FRS 102) {effe¢tivc l January 2019). OBJECTIVFS AND ACTIVITIFS Objectives and *im$ The Bangor Dioc¢san Trnst was establisbed in 1925, and reltbrated its Centenory during th¢ course of the fllvdneial year covered by thcs¢ xcounts. Its principal objective is 'to assist aDJ promote the work of th¢ Church in Wal¢s in the DI0￿5¢ of B8ngoT'. The trust does this by holding prop¢rty and mO￿Y to be used or invested for church pwposes. These assets are used to provid¢ granL8, ¢ith¢r t(> individual churches, ministry areas, or to the Bangor Dioc¢5aD Board of Finance, the central harity of B4Dgor Dio¢es¢. Grams ¢an also be made to church schools ID the dioKs¢. Full detaib of the ttvsl's aill￿ and obj¢ctiv¢s can be found in the Memorandum of Association of the Bangor Diocesan Trnsl a ¢opy of which has been lodged with the Charity ComrnissioD. Si%nifieant activities MoJJies held by the trust aTC a rnixture of restricted and unr¢stri¢t¢d fimds. Restricted funds include: The W G Robert5 fuDd was established io bc us¢d for th¢ mainteD8nce and rq)8ir Of pre•ref0M￿lIort chwchcs within the Diocese of Bansor but not the Cathedral. Th¢ School fimd is held for statutory education pu4)oses within the Dio¢¢s¢ of Bangor. The G l EvaDs fund is h¢ld to assist ¢hur¢h¢s within the Dioc¢se of Bangor to Ikold 5erYice5 in th¢ Welsh lang￿8¢. • The Sir Ri¢l]Ard and Ludy Vaughan Futtd is held to support tbe clergy in the DI0￿Se of Bangor. A small number of r¢stricted funds also exi# for the benefit of individual churchu or minilty areas ID the Diocese of Bangor. Unr¢stiict¢d fvnds include: Th¢ St Cadfau fi]nd is held to further the str*egic objectives of the diocese by 8UPPQrting projects that improve buildings or premises used by the Ministy AT¢4 w n¢w projects that enhantt the mission of th¢ Ministy Are& The trust also holds and invests funds on behalf of ijxlividual ministry aTea5 in the diocese. Page I THE BANGOR DIOCESAN TRU REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 OBJECTIVKS AND ACTIVITIF Publ1¢ betttfit tn Supporting the WOTk of the Dioo¢s¢ of Bangor, its chwcbes and sch￿1$, the lThst provides charitable benefit to th¢ public by: Promoting Christian values and community cohesion in the Cowlti￿ of Angleseyl Conwy (part), GwyD¢dd a￿1 Powys (part) whi¢h forni the Diocese of Bangor. Empowering and 5UPPOrting local church volunteers in eommunity work from f0Ddbat￿S ¢0 f¢llowship, youth work to visiting older pcoplc. Helping ¢hurche$ in OUT to provide ronunwiity facilities (such as chwch halls) and to organis¢ neighlxjurhood ¢v¢nts. Supporting the education of ebildr¢n in the diocese's Chwch school Caring for historic buildings, rnany of which have been the I￿81 point of our communities for ccntivies {and often the origin of th¢ villag¢, town or citys naJne!}. Promoting and supporting th¢ Welsh language in our work. The trustees have paid due T¢gthl to the ChaTity Commi&sion's gllidaftc¢ on public benefit in deciding the activities undertaken during the year. Th¢ trystees are satisfied that the infomiaii(m PTovidcd in the annual r¢port and fiDancial stslcments meets the publie l*nefht rcporting requiTcmcnts. Volunteer5 Th¢ Bangor Diocesan Trnst depends up(Trn volunteers to scrve as trusiees, and 15 grateful to 811 who have giv¢n fr¢¢ly of their time during the year eover¢d by thcs¢ ac¢ounls. ACHIEVEMENTS AIYD PERFORMANCE Chxrltsble Ktivities Th¢ lThst was pleased to be Able to provid¢ ￿ndS to support ttvo major projects during the year Cover￿ by these acwunts.. the complete refurbishtnent and r¢-ordering of St Cybi's ¢hur¢h in Holyhead, and the repair of the tow¢r of St Mary's church in Conwy. Both th¢s¢ churches have bcen at th¢ he¥rt of their c4)mmunities for ccnturi¢s. and money rrom the lrnst will enable them to b¢ brought lo timely completion. The knst also provided smallcr grants to a number of churches aTound the dAo¢es¢. Th¢ tTUSt committed in mid-2024 to providing a significant sum of money to the BWOT Dioecsan Board of Fin4nc¢ to support the mission and ministy of th¢ church in the area ¢OVCTed by the two charities. This proyiiion will be r¢fl¢cted in future years, ¥¢ounts ond is being used to help reduce th¢ aTnount thai chuTchcs in the dioc¢$¢ have lo pay toward5 the cost of priests, providing 4 vital financial breathing space at a lime when parish finaneey are bwoming DCT¢asingly stretched. How¢v¢r. the tTh￿teeS are cl¢ar that $u¢h support will noi be sustaillabl¢ beyond the end of 2026, attd a diff¢r¢nt approa¢b to supporting parish finan¢¢ will be n￿ded from 2027 onward$. Investment performance Income from investsnents re￿rned a 3.5/0 return over the average mark¢t valu¢ of inv¢strnents during the y¢ar compared with 2.90/0 in 2024. The value of th¢ Tn￿t$ investments redu¢¢d duTing tbe year to £10267,287 fro￿ £10.916.897 in 2024 after a disposal of inve51ments of £313,191 ai market valu¢. Pag¢ 2 THE BANGOR DIOCESAN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Th¢ organisation i5 in & Stable and satisfactory financial position. At th¢ yeaT end there was a surplus of more than £2,400,(M)O in ¢a$h fi]nds. Prin¢ip41 funding $0￿re Th¢ ¢lwity's main souice of iticome is from rernrn on its invcstments, wheth¢r a5 bank inierest or dividends. Income from lega¢i¢s and salc of property formed a less signifi¢ant Part of in tbis accounting period though ¢an Sometimes bring in larger sums. Legacies rec¢ived that w¢ not r¢quir¢d for immediate expendiwre are invc5tcd OT d¢posital in high-interest aeeounts. Investment polity A￿d objeetlves FinAn¢ièl Statements have been prepared on the assumption that ad¢ollai¢ interest and dividends wi]1 be paid out in th¢ re and therefoTC thc tnjstees consider it appTOPTille to pr¢par¢ the fJn8ncial statements on a going ￿>nCern b85iS. The trusvs invcstmcnts are currently with funds athninKsr¢r¢d by CCLA. but ihe policies in plAce m¢8n that the tnJst¢¢s may at any lime decide to invest in funds rnanag￿ by other fim)s. such as Eden Tree and Rathbon¢s. All investments ar¢ made In aceord8nce with the ethical poli¢y adopted by tbe Representative Body of the Church in Wiles. ReserYe$ pDIicy The ITUStees' objectivc is to maintain an operational reserve of approximately 3 months, ¢xp¢ndiDJre. alongside an exwdable investment porrfolio geared to provide investment income that is able lo Support A range of important charitable activities. FUTURE PLAI¥S The tn]ste£s are aware tbat the fillances of churches ID Bangor di0¢￿¢ are coming undtr incieasing pressur¢" many will r¢quir¢ addillon￿ support if they are io continue playing aD active rol¢ in th¢ir ¢ornmunities in the Coming years. The Bangor Dio¢esau Trnst has already offered short tenn h¢lp for tbc years 2025 and 2026, but now needs to ¢onsid¢r what assistan¢¢ it ¢an give beyond this. A eojnprehensive review of the trust's fi￿d5, ass¢t$ aDd inYesttneDts rnay be needed before the trnstees CODsider whether At As feasible to increase the size and numb¢r ofthe 8Tr￿ts the trust makes An the long tenn. Battgor Diocese is intending to in¢rcase its engagement with schools with the appointm¢nt of a new direetr)r of edueation. The trust has been pleas￿ to Support this work, and will be funding an ¢ducation officer to work alottgside the directOT from mid-2026. However, the irnst is also mindfvl that its scbools fi]nd is starting to deplete, and a review of its future sustainability is D¢¢ded. STRUCTURE, GOVERNANCE AND MAJYAGEMENT Govtrning d•eumen¢ The charity 15 a COllLpany limited by EuarJntee govemed by its MemorÈndum and Articles of A&swiation dat¢d 24 February 1925 and filed with Companies HO￿5¢ on 24 s￿ternber 1926. It is registered with the Ch8rity Cornmi5510n. Allyonc over the age of 18 ycors (who 8r¢ not paid or Volunte￿ workcrs of the charity) ond any wrporate body ( unincotporated association who are inlff¢st¢d in furthering thc work of the charity can become a m¢mb¢r of the charity. Thett are ¢urrcntly 12 members (I l in 2024), eaeh wbom agree to contribute £1 ill th¢ ¢Y¢nt of th¢ ebariry winding UP. Reeruitment and appointmettt of new trllsiees A majority of th¢ trustrxs ar¢ currenily senior priests in the Di￿¢8¢ of Bangor. wbo are appointed ex-0￿1¢10 (eg bishop. athcdral d¢an and archdeaeons). A smaller nwnber of lay people are eleeted each Ye￿ by the m¢mb¢rs of the diocesan ¢onf¢T¢nce. Arrangements for ihe appoinlment of both priest$ and lay people are subject to Change followill8 th¢ govemlnce review Carried out during laie 2025. Page 3 THE BANGOR DIOCLSAN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Organlsatlooal 5trueture The boaTd of trustees generally has between t¢n and 14 m¢mbcrs. TThstees meet on av¢rag¢ four times a ye&r in addition to th¢ annual ¥enera] meeting. Th¢re are no sub40mmittees. Day to day n￿la8¢￿ent of the charity's affairs is Ca￿led out by officers of the Bangor Dio¢¢wi Board of Finance under contract to th¢ bwt. The ￿MberShIp of the cbarivs board of tru$*es is th¢ same as that of the Bangor Diocesan Board of Finance {registucd chaTity 1075931. company nutllber 3655641). Trustees are cutyently appointed to serve on charities together. The charity r¢cognises the need to regularly r¢vi¢w its governan¢¢ to ensure that its legal and ¢thic81 obligations are met. To this ¢nd an external goYerDance r¢vi¢w was ¢omtnissioned ID late 2025, and is due to T¢w>rt back at the start of 2026. Induetion and Irainlng of new truste The trust recognis¢$ thc need for improvelnent in this ar¢a aThd will be reviewing ihe training that n¢w trustees ieceive in 2026. Trdining for existi￿8 trnstees will a150 b¢ r¢fr¢sh¢d during the year. Rtlattd pxrties The charity shAr¢5 it5 I￿￿te¢S with the BangoT Diocesan Board of Finance - individuals are appoint￿ to both boards jotnily. A Dumber of the charity* twsttts aTt also trusteK5 of The Dean and Clwter of Bangor Cath¢dTal (registered ¢harity 1158340). A new ¢onflict of interest policy wgs adoptcd thiring 2025. and the trustees intend to take furth¢r advi¢¢ this topic in the Coming months. REFERENCE AND ADMINISTRATIVE DETAILS Registered Comp4ny number 00205176 IEnglaDd And Wales) Regl8tered Charlty number 234156 Registered Dffice Ty D¢ioiol Cath¢dral Clo BangoT Wales LL57 IRL Trwite¢s Th¢ Right Reverend A T G John {resigned 31.825) The R¢v¢r¢nd Canon T J Jones (Tesiglled 31.12.24) Mts E W Ow¢n Mrs S D Ward (Tesigned 31.12.24) Dr H J Pary-smith The R¢v¢rend E Williams (resiglled 31.12.24) The R¢v¢r¢nd M Beecroft Thc Ven¢rabl¢ J Harvey The Venerabl¢ R W Townsend The Venerabl¢ D A Pa The Right R¢v¢r¢nd D T Monis (appointed I1.5.24) Mr M D Dcan (appointed l.1.25) Mr C Deardm (appointed l.1.25) The Revcrend R Ll Moul¢s•Jones (appointed l.1.25) Ms L Palshis (appoint¢d l.1.25) The Revcrend D J Williams {appointed l.1.25) The Vcry Rev¢rcnd Manon Ceridwen James (sppoitited I1.10.25) Page 4 THE BANGOR DIOCFSAN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATIVE DETAILS AuditllTS Williams Denton Cyf Chartered Certified Accountants Statutory Auditors Glaslyn Ffordd y Parc Paw M¢nai Bangor Gwyn¢dd LL57 4FE AdviseTS Bankers: Lloyd8 BanK 268 High Stree¢ Bangor. Gwyl￿ad LL57 1 RT Inv¢$lm¢nt ManAg¢r8'. CCLA, Senlltor House. 85 Queen Street, London EC4V 4Er Solicitors.. Lee Bolion Monicr-williams. The Sanctuary. Wcstminstcr, London SWIP 3JT STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of The Bangor Diocesan Trnst for the pwpose8 of eompany law) are responsibk for pr¢paring thc Rcport of th¢ Trust¢es 8Dd the financial gtatemenis in accordance with applicable law and United Kingdom Accounting S¢andard5 (Unitrd Kingdotn Gen¢rally Accepted Aceouniing Practice) including Financial Rcporting Standard 102 'The Financial Reporting Stalldard applicable in the UK gnd Republic of Ireland.. Company law reqUi￿S the truste¢$ to prepare finanetal statements for each financial year. Under that law, th¢ ITu$t¢¢s hav¢ elected to pr¢par¢ th¢ final￿1￿1 statemmts in a¢cordance with United Kingdom Generdlly Accepled Accounting Pra¢ti¢¢ OJrtited Kthgdom Aeeounting Standards and applicable law). Ulldtt company law tbe trustees Anust not approve the financial stat¢menis unless th¢y ar¢ $atisfi¢d that they give a tr alld fair view of the state of affairs of the Charitable company and of the incoming resou￿¢$ and apph-¢ation of resources, iticludillg the income and expendlture, of the charitable company for thot p¢rtod. In preparing those financial statements. the trnstees are required to select suitable accounting poli¢ies and th¢n apply theD) consistently. ob5eive the methods and prin¢ipl¢s in th¢ Charitics SORP- m3k¢ judg¢m¢nts and e5tim8t¢s thar are reasonable aDd prudent. prepa￿ th¢ financial 51at¢m¢nts on th¢ going concern basis unless it is inappropriale to presume that the chjritsbk company will continue in busines5. The trngtees are responsible for keeping woper accounting records which disclose with rcasonabl¢ accurd¢y at any lime thc finameial position of the eharitable company and to enable them to ensure that the finonciyl stalomcnts eomply with the Companies Act 2006. They are also responsible for safcguarding the a$5et$ ofthc ¢harii&ble ¢ompany and hence for taking reasonable sieps for the prevention and detectt'on of fraud a￿1 other i￿¢gU1a￿ttC$. In so far as the t]ustees are aware". there is no relevant audit infonnation of wbich th¢ Ch#r￿lIble Compan￿S dudiioyg are unawaie; and the ¢Nst¢¢$ hay¢ tak¢n all steps that they ought to have taken to make then￿1VeS aware of any Televanl audit infonnatioD and to ￿abliSh that th¢ auditors ate awate of that jA)f0m)￿loll. AUDITORS The auditors. willian￿ Denton Cyf. will be proposed for r¢-oppointm¢nt ai th¢ lorth¢otnirtg Annual General Meeting. Page 5 THE BANGOR DIOCESAN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 20Z5 Approved by order of the board of tru￿¢e$ on.. n￿tee Page 6 REPORT OF THE INDEPENDEIYT AUDITORS TO THE MEMBERS OF THE BANGOR DIOCESAN TRUST OplnknN We h8v¢ 8udit¢d th¢ fuJan¢ial stytements of The Bangor Dioc¢san TNst {the 'charitsble company? foT th¢ y¢ar ¢nd¢d 31 MaTch 2025 which ¢ompriK th¢ Stst¢]n¢nt of Finaneial Aciivities, the Balanee ShttL ihe Cash Flow Statement and not¢s io the fthaTr¢ial statrffj¢nis. including A summary of significant accounttng poli¢i¢s. Th¢ fuwi¢ial reporting frarn¢work that has b¢•J applied in their preparation is applicable law and unit￿ Kingdom A¢cowiting Standards IUDit¢d Killgdom G¢ll¢rally A¢c¢pt¢d Accounting PTacticc}. including Financial Reporting Standard 102 Th¢ Financial R¢porting Sthndard applicable in th¢ UK and Republic of Ireland,. In our opinion th¢ financial statrtnent5'. give a true aud fail view of the state of the ¢haritsble compan￿5 affairs as at 31 March 2025 and of its incoming resourctt and appli¢8tion of resources, including its income and expenditure, for th¢ year th¢n cnd¢d- hay¢ been pro￿r]Y PTepaied in accordance with United Kingdom G¢nmlly A¢cepted Accounting PractLCe, including Financial Reporting Standard 102 The Financial Reporting Stsndard appli¢abl¢ in the UK and Republic of Itelalld,; and have been prepared in accordance with the requirernents of th¢ compani￿ Act 2006. Basi$ foy opinlon We conducied our audit in accordance with Internatior￿1 Standard% on Auditing IUK) (ISAS (UK}) and applicable law. Our responsibilities under those standards are further described in th¢ Auditors, responsibilities for the audit of the financial siatemcnts scction of OUT report. W¢ aT¢ ind¢pcndcnt of the charitable company ill accordance with the ethical requir¢ments that relev￿1 to audit of tht finartcial statements in the UK. including the FRCS Ethical Standard, and we hav¢ fvlfillcd our other ethieal reswJnsibiliiie& in aceordance with these requirements. We believe that the audit evidence we h4v¢ obtsined is suffi¢i¢ni and appropriate to provid¢ a basis for our opinion. Concl￿51(￿￿$ r¢l4tlng to golng Co￿¢¢r In Auditing thc flnancial slatrmthts, we have concluded that the tnLstses' use of the going concern basis of accounting in th¢ pr¢par￿lOtt of th¢ fillanC￿l Stsiements is appropriate. Based ott the work we have perfornied. we have not identified any material uncertainlies r¢l4ting ￿ ev¢n¢s or ¢ondiuons that. individually or collectively, may cast significant doubt on the charitabl¢ company's ability to continu¢ as a going concern foi a period of at least twelve months from when the financial stat¢m¢nts 8r¢ au¢hori$ed for issue. Our re4)onsibAlities and the resFM)Thsibiliti¢s of th¢ tTUSt¢¢$ with r¢spe¢t to going eoncern are described in tbe relevant S￿tionS of this report. Otber IDform4tloD The tru5te¢s are r¢5ponsibl¢ for th¢ oth¢r inforniation. The other information comprises the infonnation included in the Annual R¢porL oth¢r than th¢ r]nan¢i81 ststemenis and our Report of the Jndependent Auditors th¢r¢on. Our opinion on th¢ fittaTJeial statements does not cover the other inforniation and, ¢xc¢pt to the extent otherwise explieltly stated in ow repor¢ we do not express any ftirn) of assurance con¢lusion th¢r¢on. In connection with our audit of the financial staten)ents, our responsibility is to r¢ad th¢ oth¢r inforrnation and, in doing so, wtjsider whcther the oth¢r inforniatton is materially incon5jStent with the financial Statements or our knowledgc obtained in the audit or otherwise app¢ars to b¢ materially Mi￿tated. If we idcntify such ma￿rial inconsistencies or apparcnt mat¢rial misstat¢m¢nts, we are rquire41 to detemiine wheiher this 8tves rise to a maierial misslaiemcnt in thc finan¢Eal stat¢m¢nts thcMKlV￿. If, b&sed on thc WOTk wc ht4ve perfomied we eonclude that there is a material mi$stat¢ment of this other inforniktion, we are required to report fact. We have noihing to report in this Tegard. Op1￿10￿8 otber mAtters prescribed by the Companies Art 2006 In our opirtion, based on ihc work undertaken in the course of the audit.. the infom]ation give)) in the Repon of the Trust¢es for the financial ￿8T for whieh ihe financial ststetnents are preparcd is consistcnt with the financial slatem¢nts- and the Report of the Tn￿tee8 has been prepared in accordan￿ with #pplicabl¢ l¢gal requirements. Pa8¢ 7 REPORT OF THE INDEPENDENT AiJDITORS TO THE MEMBERS OF THE BAIYGOR DIOCESAN TRUST Matters whl¢h Ive are required to report bv ex¢epilon In the light of the knowledge and ulld¢r4anding of the charitable eompauy its environtnent obtained in the co of th¢ audi¢ we have not identified JDat¢ria] mis5tat¢ments in the Report of the Trus¢¢¢s. We have nothing to re￿Irt in respect of th¢ followin8 matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequatc accounting records hav¢ not been kept or returns adequat¢ for ow audit have not been receivcd from branchcs not visited by u5,. QT tbe financial statements not in agreement with the accounting r¢wds and T¢turns' or certain disclosures of trusiees, r¢muneration specified by law Arc not mad¢- OT we have noi received all the infoThnation and explanations we requirc foT our audit. or the trnS￿es were not entitled to take advantage of the small companies exempllon from the requirement to prepaT¢ a Strategic Report or in pr¢paring the Report of the Trustees. ResponslbS1ities of trustee$ As explained more fully ID th¢ Staternent of Tnw¢s' Responsibilili¢s, the trustees (who are al80 the directors of the charitsble compally for tbe purposes of cornpany law) ar¢ responsible for the prepaTation of the financial statements and for being satisfjed that ih¢y give a tme and fair vi¢w, and for sucb internal control as the ttuste¢s d¢t¢miine is necessary to enable the preparation of fmancial statements that are fr¢¢ from material misststem¢nL wh¢th¢r due lo frwd or error. In preparing th¢ financial $tst¢m¢nts, the trusttt5 ar¢ r¢sponsible for assessing the charitabl¢ compan￿S ability to CO￿tInue as a going Concem, disclosing. as appli¢abl¢, snatters related to going concern and using the going concern basis of 8¢¢ounling unless the tn￿teeS eithcr intend to liquidate the chaxitable company or to ￿a$¢ operations, or have no r¢ali8ti¢ al￿rnative but to do so. Page 8 REPORT OF THE INDEPENDEIYT AUDITORS TO THE MEMBERS OF THE BANGOR DIOCESAN TRUST Our r¢$ponsibilitits for the audlt of tbe finanelal $¢ateJnent5 Our obj¢¢tiv¢s are to obrain reasonable assurance about whether tb¢ fmancial stat¢m¢nts as a whole are free from mat¢rial [niss¢at¢￿t￿t, whetheT due to fraud or error, and to issue a Report of the Ind¢p¢udeDt Auditors tht includes our opinion. Reasottable assurance is a high level of assuran¢e, but is not a guarydntee that an audit conducted in a¢cordattt with ISAS (UK} will always detect 8 mat¢rial misstatement whell it exists. Misstatements can arise from frdud or erff>r and are considered material if, individually or in th¢ aggr¢gate, th¢y could reasonably be ￿Pected to iDflu¢llc¢ th¢ ¢conomi¢ decisions of users tak¢n on the basis of th¢s¢ finallcial statements. Th¢ exi¢nt ts) whi¢h our procedures are capable of detecting irregularities, including fraud Tr5 detailed below.. Based on OUT understandin8 of the charitabl¢ company and the envirojllnent in which it operates. we consithr¢d th¢ risk of acts by tbe charitable company that w¢r¢ ¢ontrary to applithl¢ laws and regulations. in¢ludit)g fralld, and designed audit procedures ill respotjsc to thi5 risk. We focussed on laws and regulations which could givc ris¢ to a mat¢rial misstatement in the financial statenKnts, including. but not limited to, Companies Act 2006 and ChaTities Act 2011. Our tests Includ￿.. - cnquiring with management of èny knowtt or suspeeted irre8ulariiies. including fTaud; evaluating the ad¢quacy of int¢rnal contro15 designed to ddecl or prcvent irregul8rities, including th¢ risk of managcment ov¢rride.' - agT¢eing th¢ amounts and disclosurc5 in the financial statements to underlying supwrting documentatioll.. testing journal entries to identify unusual trat)sactions- and - ¢v#luating whethcr there was ￿ndence of management bias on key judgemeDts and a¢¢ouMing ¢stim&te Thcrc arc inhcrent limitations in the audit procedures described above. The more r¢mov¢d that finantial transactions re from the laws and reguiauons, the less likely il is that we would bocom¢ aware of non-compliince. Auditing st￿dardS also limii the audii proccduTCS required io identify ]KFn-compliance with laws and regulations to enquiry of tNstees and matyagement. and the inspection of ￿gUlatOry and l¢gal ¢orrespondence. if ￿y. Material misstatements that arise due to fryud can b¢ hard¢r to detect than those Tesulting from errors, as fraud may involve deliberate concealment or ¢ollusion. A further description of our r¢8ponsibilities for the audit of the F￿AnCIal statements is Ioc8ied on the Financial Reporting Council's w¢b8ite at wwiv.frc.org.uk/&uditorsresponsibilities. This d¢￿TIption forms part of our R¢port of tb¢ In(kpThlent Auditors. Use of our report This r￿Ort is Tnade solely ￿ the charitable CoMpan￿S members, as a body, in ac¢ordanc¢ with Chapter 3 of Part 16 of the Compatiies Act 21106. Our audit Work has b¢en undwtak¢n $0 that we migbl state kn the charitable companYs members those matters we are required to stat¢ to them in an auditors. rwrt alld for no other purpose. To the fullest extent perniitted by law, we do not accept or assum¢ responsibility to anyone otber than the charithble cornpany at￿ the charithble company's members a5 a body, foT our audit wort for thi$ r¢port, or for the opinions w¢ hav¢ forni¢d. Owain Ap Elfed (Senior Statutory Auditor) for and on behalf of Williarns Denton Cyf Chart¢red Certified Accountants Statutory Auditois Glaslyn Ffordd y Par¢ PaTC Menai Bangor Gwynedd LL57 4FE Phge 9 THE BALYGOR DIOCESAN TRUST STATEMENT OF FINANCIAL ACTMTIES {INCORPORATING AN INCOME AND EXPEf4DITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 2025 Tot41 fuDd 2024 Total funds Unrestricted fimds Restricted funds Noies INCOME AND ENDOWMENTS FROM Inv¢stmenl income Other in¢(Trm¢ 123.072 106,210 236,816 359,888 122.140 315.523 730,412 T•tal 229.282 252 746 482.028 1,045.935 EXPENDrruRE ON Charitable *ctlvltles M&intenance and repair of Pr¢-R¢foTmation hurches Sta￿tOry education purposes within th¢ di￿¢$¢ Benefit of indivithal Ministy Areas Holding services in the Welsh languag¢ To support the clergy in the D￿￿eSe of Bangor 45,420 45,420 79.019 484,271 53.710 2.0•0 25.031 47,615 191,319 9.727 79.019 171.118 313,191 53,710 2,01)0 Total 250,1199 414J21 274.942 Net gainsl(losses) on inv¢sttnents 9A140) 258 642) 354,782) NET INCOMEI{EXPETr4DITURE) (116.957) (420217) (537,174) ,613,989 RECONCILIATIOIY OF FUNDS Total funds broU￿t fotivard 4J94464 9,561,849 13,960,313 12,346,324 TOTAL FUNDS CARRIED FORWARD 81 Ib7 9 141632 13 423 139 13 9&)313 The notes forni ofthese finall¢ial stst¢m¢nts Pag¢ 10 THE BANGOR DIOCESAN TRUST BALANCE SHEET 31 MARCH 2(125 2025 Total rwDd$ 2024 Tothl Unrestricted funds Restricted fijnds Notes FIXED ASSETS Tangible assets Investm¢nts 587,859 2 765 962 190,000 7 501325 777,859 87 826,579 10,916,897 io 3,353,821 7,691 J25 11,04S146 11,743,476 CURRENT ASSETS Debiors Cash at bank 82,477 947 276 21,563 1114.040 2 412.193 118,178 2,198,424 I,Q29,753 IA86,48D 2,516233 2,316.602 CREDITORS Amounts falling due within one year 12 (I(IL067) (3fi173) 1138240) (99.765) NET CURRENT ASSETS 2216837 TOTAL ASSETS LESS CURRENT LIABILITIES 4,281,507 9,141,632 13,423,139 13,960,313 NET ASSETS 9 J41.632 13,423 139 13,960.313 FUNDS Unr¢stri¢led fiwds Resirieted fimd8 13 4381,507 9 141632 4,398.464 9.561.849 TOTAL FUNDS 13A23 139 13960313 ThGs¢ filla￿la1 3tatcm¢nts have been prcpared in accordance with the provisions applicable to chaTitsble cornpanics subject to tbe SU￿1] eojnpanies regime. The fiDAAeial statemet)ts were approved by the Board of Tn￿let8 and authoriscd for issue on i.f.l114 and were signed on its behalf by.. DrHJP tee Townse￿1. T￿￿1¢¢ The not¢s forni part of th¢s¢ financial statements Pag¢ 11 THE BANGOR DIOCESAN TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Noles C•sh flows from operAtin8 *etiYitSes Cash generated from operations Interest paid (440,646) 150 682.654 1501 Net ¢ash (us¢d inyprovided by operating activities 4411.796) 682,504 C*5h Iloiys from knyestlng attivRtles Pur¢hase of fixed asset investments Sal¢ of fixed asset investjnents tnt¢T¢s¢ received (18J63) 313,191 359,737 {454.617} 132.430 315.349 Net cllsb provided bY1{us￿ in) inv¢sting activities 654,565 6.838) Chwnge in Cash and cash equlvalents i tbe reportinE period C*sh and cash equivalents at tbe beginning of the reporting perlod 213,769 675,666 1522 758 Cuh and eash eqwv*lents at tb¢ of the reportlng period 2412 193 2.198.424 Th¢ notes forni part of these fjnancial stat¢m¢nts Pag¢ 12 THE BAI¥GOR DIOCESAN TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 RECONCILIATION OF NET (EXPENDITUREYINCOME TO NET CASH FLOW FROM OPERATllYG ACTIVITIES 2025 2024 Net (expendithreyintome fov tlke report1￿£ perlod (ai per tb¢ Statem¢Tht of FIDanclg1 Actlvitlej) Adjustments for: Depreciation ch8rg¢s Losses/(gain) on investsnents Interest received Interest paid Impairment of r￿ed assets Decrease in debtors Increase in ¢redit¢)rs (537.174) ,613,989 &266 354,782 {359,737) 15 411,454 14,139 8,349 (842,996) {315,3491 Iso 183,579 ea8h (￿Sell in)Iprovlded by operatioms 682 654 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Casb tlow At 31.3.25 Iyet Cash at bank 213 769 2,412,193 213 769 ￿193 Total 2 198 424 2 412 193 The no*s form part of these fmancial $tatemeDts Page 13 THE BAL¥GOR DIOCESAN TRUST IYOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Ba51$ of prep•rlng the fin*n¢AAI $tatem¢nts The financial statements of th¢ ¢baritable ￿mPanY, which ig a public b¢n¢fit entity under FRS 102. have bc prepared in accordance with tb¢ Charities SORP IFRS 102) 'Accounting and Reporting by Charities.. Siatemcnt f Recommended Piactice appli¢abl¢ to charities preparing their accounts in accordance with the Financial Reporting Standard appli¢able in th¢ UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 Finan¢ial Reporting Standard appli¢abl¢ in the UK and Republie of Ir¢land' and the Companies Act 2006. The fU￿nClaI statemenis have been pr¢pared under the hisiorical cost Convention, with the exceptlOD of iDV¢Stments which are includ¢d al ￿arket value, as modified by tbe rcvaluatiot) of certain assets. The b￿ste¢S consider that there are no ma¢¢rial uncertainties about the tharitys ability to colltinue as 8 going Inc￿me All incomc is recogniscd in the Stat¢m¢nt of Financial Activitie5 onc¢ the Charity has entitlemeni to rhe fi￿d$, it is probablc that the incoTnc will be r￿¢1v￿ and the amount can be rn¢asur¢d reliably. Exptnditure Liabililies arc rccognised as cxpcnditure as soon &s there is a legal or 240 8.266 TRUSTEES. REMUNERATION AND BENEFITS There w¢r¢ rto trnstees, remuneration OT Other benefits for th¢ y¢ar ¢nded 31 Ma￿h 2025 nor for the yw ¢nd 31 Mar¢b 2024. Trusts¢s' ¢xpense5 There were no 31 March 2024. trustees, expenses paid for the year ended 31 M8rdL 2025 nor for ihe year ended COMPARAT[v￿ FOR THE STATEMENT OF FINANCIAL ACTIVITIES Un￿strIct funds Restricted funds Total fijnds INCOME AND EP4DOWMENTS FROM Inv¢slrn¢nt Income Oth¢r income 105,882 726,796 209,641 3,616 315,523 730,412 To¢al 832 678 213,257 1.045.935 EXPENDITURE ON Cbarit*ble a¢llvJtle5 Maitttenallce and r¢pair of Pr¢-Reforn]atioll chuJches sta￿tOry edu¢ation purposes within the dioces¢ Benefil of indivithial Ministy Areas Holding serri¢¢s in the Welsh language To support th¢ ¢l¢rgy in the Diocese of Bangor 25.031 25,031 47,615 191,319 47,615 191.319 9,727 9,727 ,250 1250 P8g¢ 16 continucd... THE BANGOR DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS- ¢•ntioued FOR THE YEAR ENDED 31 MARCH 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIFS- tontlnued UDregtri¢ted R¢stri¢*d nd5 fun(b Totsl fijnds Totsl 238,934 36,008 Net gains oll investments 293,991 549,005 842.996 NET INCOME Transfers between fu•d$ 887,735 1 149.959) 726,254 149.959 1,613,989 Ntt movement funds (262.224) ,876.213 1.613,989 RECONCILIATION OF FUNDS Total fimds brollghi forward 4,660.688 7,685.636 12.346.324 TOTAL FUNDS CARRIED FORWARD 9 561.849 13 960313 TANGIBLE FIXED ASSETS Freehold property COST At l April 2024 and 31 March 2025 DEPRECIATION At l April 2024 Charge for year Impairnients 23,659 8,266 At 31 March 2025 NET BOOK VALUE At 31 Mateh 2025 777.8YJ At 31 March 2024 826 579 Ysgol San Sior, Llandudno was built with grant supp(Frt from the National AssHDbly of Wales {85•/0}. The cost lo the trus¢ w8$ £345,463. Annual n￿￿ing costs are mct by th¢ local authority. 2 Quarry Vi¢w, B¢th￿da 15 being actively mark¢t¢d by an estate agent artd therefore, the Miste￿ w￿e of thc opinion that the propety should be impaired to r¢fl¢ct th¢ &8king price of the prowry. Pog¢ 17 ontinued... THE BANGOR DIOCESAN TRUST NOTES TO THE FINAf4CIAL STATEMENTS- Contillu FOR THE TrTAR ENDED 31 MARCH 2025 io. FIXED ASSET INVESTMENTS Listed inv¢slments MARKET VALUE Ai l April 2024 Additions Disposals UnreAlised gainl(loss) Unre21ised (8aitty105s now realiscd on disposals lo916￿97 18J63 (280,751) (399,463) 12 41 At 31 March 2025 67.287 NET BOOK VALUE Ar 31 March 2025 io At 31 March 2024 10916897 There were no invcstmcnt ￿Sets i)utsid¢ tk UK. ii. DEBTORS: AMOUNTS FALLING DUE WITHtY ONE YEAR 2025 2024 Other d¢btor$ Prepayments 1112J98 1,642 118,178 118 178 12. CREDITORS: AMOVIYTS FALLII¥G DUE WITHIN ONE YEAR 2025 2024 Other ¢reditor$ Page 18 ontinued... THE BANGOR DIOCFSAN TRUST NOTES TO THE FIIYANCIAL STATEMENTS- ¢ontlnued FOR THE YEAR ENDED 31 MARCH 2025 13. MOVEMENT ]Th FUNDS N¢t rnov¢mettt in fi￿d$ Transfers bElween nds At 31.3.25 At 1.4.24 Unr¢strl¢t¢d fund$ General fund S¢hool Fund St Cadfall Fund 212,389 809,410 JJ76,665 (136,814) 53,9511 34,093) 3,090 (3,090) 78,665 860,270 JJ42,572 4,39&464 (116,957) 4,281 J07 Restrltted fulld8 W G Rob¢rt5 FuDd G l Evans FUTNJ M E Hughes Fund C H A Edwards Fund Su RiehaTd & Lady Vaugban Fund Ministy Area Investments The Repiesen¢ative Body of the Chuwh in Wales Investments 5,757,573 1947905 4,131 39J62 36,748 1,149,959 (102268) 159250) (53) (6,111•) (2,514) (262261) 5,655,305 1,888,655 4,078 33,262 34,234 887,698 626 171 12229 638,41NJ 9 $61,849 42021 9,141632 TOTAL FUNDS 13960J13 537,174) 13 423 139 Nel movement in funds, includ¢d in tb¢ Abov¢ are &8 follows: Resources expended Gains and losses Movcment in fund5 resources Unre5tr1cted fund General fund School Fund St Cadfan Fund (139,411) {79,019) (903) 4,819 {136,814) 53.9511 128.150 229,282 1150.099) {96,140) (116957) Restri¢ted W G Rob¢rt5 Fund G l Evans Fu￿1 M E Hughcs Fund G H A Edwards Fund Sii Richaid & Lady Vaughan Fund Ministry Area Investments The Representative Body of the Church in Wale5 Investments 171J33 50214 (45,420) (53,710) 1228,181) (55,754) {53) (508) (1,404) 29.407 (102.268) (59.250) (53) (6,1(Kl) (2,514) (262,261) (5,592) (2,(IIMI) (307599) 15J31 14 2,149) 12.229 414J21 258 642 TOTAL FUNDS 482 028 664 4211 354 782) 537 174 Pag¢ 19 continued... THE BANGOR DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMENTS- contlDued FOR THE YEAR ENDED 31 MARCH 2D2S 13. MOVEMENT ILY FUNDS- eDmtinu¢d Comparatlvu for movement in funds Nct movcment in funds Transfets betwee funds Al 1.4.23 31.3.24 UDrestrReted fynd$ General fund Sehool Fund St Cadfan Fund 808,504 854,959 2,997,225 553,844 {45.549) 379,440 (1,149,959) 212,389 809,410 3.376,665 4.660,688 887,735 (1.149,959) 4,398,464 Restricted fuDds W G Roberts Fund G l Evans Fund M E Hughes Fund G H A Edwards Fund Sir Richard & Lady Vaughan Fwid Ministry Area Investments The Representative Body of th¢ Church in Wales Investsnents 5227.864 1,807,376 3,840 35,149 31,057 529,709 140,529 291 4,213 5.691 5,757,573 1.947.905 4,131 39.362 36,748 1,149,959 1,149,959 580.350 626 171 7 685 636 726 254 149 959 9 561849 TOTAL FUIYDS 12346 324 1613 989 13 960313 CoAnpar@tive net mov¢m¢nt in funds, included in th¢ abov¢ are as follow5.. Gain5 and 10$5¢$ Movement in funds resources expended Unrestricted funds Genernl fimd School Fund St Cadfan Fund 600,251 21,519 210,908 (171,968) {47.615) {19.351 125.561 (19.453) 187,883 553,844 {45,549) 379,440 832,678 (238,934) 293.991 887,735 Restrieted funds W G Roberts Fund G l Evans Fund M E Hllghes Fund G H A Edwards Fund Sir Richard & Lady Vauglwi Fund The Repyesentative Body of th¢ Church in Wa]es tnv¢slto¢nts 148,233 46,802 (25,031) (9,727} 406,507 103,454 291 4.213 2.479 529.709 140,529 291 4,213 5,691 4,462 (1,250) 32.061 213,257 36,(K18 549 005 726.254 TOTAL FUIYDS 1045 935 274 942) 842,996 1613,989 PaEe 20 continued... THE BANGOR DIOCFSAN TRUST r4oTES TO THE FIJYANCIAL STATEMEi¥TS- ¢ontlnued FOR THE YEAR Ef4DED 31 MARCH 2025 13. MOVEMENT IN FUNDS- CODtinued Purpose ocuirutrieted ffynds Th¢ g¢n¢rai r¢$ctv¢ r¢pr¢sLmts funds of varying sizes h¢ld for th¢ ￿nefit of inth'vidual Ministy Areas. Purpose of re*ri¢ted futhds The W G Roberts fvlld wa5 established to bc used for th¢ maint¢naDC¢ and r¢p*ir of PrtrRefonnation churchcs within the Diocese of Battgor. The G l Evans fijnd is held to assist churches within th¢ Diocese of Bangor to hold their services in the W¢lsh language. The M E Hughes fund is held foT the upk¢¢p and m&intenance of the church at St Mor￿rn, but not the churehyard, and for the forn]er Ministy AT¢a of Tr¢walchmai. The G H A Edwards fuDd is h¢ld for the upkeep and maintenance of the cburcb buildi4g8 8nd grounds at Si Mary's ChuTch in TTegarth and St Ann's Church in Mynydd Llandegai. The Sir RichaTd #nd LAdy Vaugban fimd As held to sUpi￿rt the cl¢rgy in the Di0¢¢s¢ of Bangor. Thc Ministry Area Imiestment fi)nd holds investrnents on behalf of ¢h¢ indivvjual Ministty Areas. The Representsiive Body of the Church in Wales Investmrnts h¢ld on tmgt for the repair and maintenan¢¢ of Cath¢drals and ChuTches in the diocese of Bangor. The inv¢St￿entS Jr¢ also held for use by the Bishop for ¢h8rit8ble purposes for the support of ChTi8tian Missions )￿J Unity. PurpNe of desigD4ted funds The School fund is held for sta￿l0ry ¢du¢ation purposes within the diocese. The St Cadfan fuDd is held lo ¢nhanee ability io worship God, grow the cknU￿h and love the world by supporting proj¢¢t$ thai improv¢ buildings or premises us¢d by th¢ Ministry Are2, or new projects that enhance the mission of th¢ Ministy Area. 14. RELATED PARTY DISCLOSURES Due to the nabjre of the Charity's operations and th¢ ¢o]DPOSition of thE board of trustees, th¢rc is a close connection between the Ilangor Dio¢¢san Trust and Bartgor Diocesan Board of FiDanc¢. At 31 March 2025 th¢ Bangor Diocesan Trust owed Bangor Diocesan BoaTd of Finance £51.804 {2024 £45288) for administration fees. £45,288 was paid during th¢ y¢ar. Pag¢ 21 continued... THE BANGOR DIOCESAN TRUST NOTES TO THE FINANCIAL STATEMETr4TS- eontlnthed FOR THE YEAR ENDED 31 MARCH 2025 15. CLERGY HOUSING LOLNS The charity has a charge against a property to cov¢r a 103n made to a rdired ¢l¢rgy. The value of the loan at 31 March 2025 was £30,(KJO (2024 £30,000). io. GRANT COMMrrMENTS Th¢ charity has committed to provlde a grant lo the Bangor Diocesan Board of FinaDce lo support the mission and ministy of thc church in the area eovered by the two charities. Thi5 provision will be reflected in the 2026 nd onwards, accounts and is being llsed to help r¢duce the aMOu￿t that ¢hw¢hes in ihe diocese have to pay towaTds the cost of priests, providing A vital financial bttathiD8 5pao¢ at o time when parish finanett ar¢ bccoming increasingly stretched. Th¢ grant will b¢ paid from three S￿arate funds of the charity. Page 22